June 22, 2015
Cyberattacks are an equal opportunity destroyer. They affect all firms, big and small. They affect individuals and corporations alike, and, they do not discriminate.
News of data breaches at major retailers like Target and Home Depot remind the public of the dangers affecting their credit card numbers. The media also reports on fraudsters misrepresenting themselves as working for the IRS, which leads to individuals unwittingly giving out their social security numbers via email or other electronic means.
While almost all broker-dealer and investment advisory firms recognize they need a plan to deter, prevent and detect cyber invasions, most advisors don’t seem to realize the vital role they play. That is a big misconception, as an advisor’s everyday routine can leave an opening for a scammer.