In the most recent issue of Think Advisor Les Abromovitz discusses what we at Advisor Armor have been sharing for over a year. Cyber/Data security will now be a standard part of every business that collects PII and uses the internet. Covering firms provides protection against business risk, compliance with regulatory requirements and best practices, and as mentioned below assists in the avoidance of reputational harm.
...Cyber attacks can cause irreparable damage to an RIA. Once a firm has suffered a cybersecurity incident, clients and prospects may become very insecure about the firm's ability to protect their nest eggs. Furthermore, after an incident, an RIA may find it much more difficult to convince examiners that it takes cybersecurity seriously...MORE