Advisers reveal cyber insecurities at FPA conference

Most don't expect they could pass a hacking-preparedness test if the SEC came knocking, or even know all the compliance factors they are responsible for, according to a new Financial Planning Association study

Most financial advisers aren't confident they are well-armed to fight off cyberthieves, or even prepared enough to meet the requirements of the regulators policing their efforts.

Less than a third of advisers “completely agree” that they are 100% prepared to deal with the risks associated with cybersecurity, according to a new study by the Financial Planning Association, which released the data Friday at its annual conference in Baltimore.

Only 18% of advisers said they are “very confident” they would pass a Securities and Exchange Commission examination of their policies and actions on this issue today, with most not even sure they know what those SEC inspectors want from them.   MORE