Most FAs Aren’t Ready for Cybersecurity Attacks

While 81% of advisors put cybersecurity high on their priority list, just 29% believe they’re adequately prepared to manage and mitigate such risks, according to a TD Ameritrade Institutional-sponsored nationwide survey of 1,015 financial advisors, the majority of them RIAs, conducted from June to July.

What’s more, only 44% of respondents feel confident they even understand the issues and risks involved, the survey found.

Just 36% feel they and their teams fully grasp the scope of cyber threats, and only 26% feel completely confident they can handle and mitigate the risks, according to FPA’s survey.

And just 26% of advisors are fully aware of all the requirements from the SEC’s Office of Compliance Inspections and Examinations, the survey found. If the OCIE were to administer a cybersecurity sweep today, just 18% of respondents are very confident they’d pass, according to the survey.  MORE