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

Mark Brown