Several high-profile data breaches have catapulted the issue of cybersecurity into mainstream consciousness in recent years. To date, the advice industry has managed to avoid the widespread attacks that have hit other sectors, and as a result, has perhaps been somewhat slower to ensure that basic precautions are in place to protect client data.
While the industry has yet to be hit hard, it hasn’t remained completely unscathed. Last September the SEC censured an advisor that had suffered a cyber-attack, finding that the firm had failed to adopt written procedures and policies reasonably designed to protect the personally identifiable information, or PII, of its clients, in violation of the “safeguards rule.” The breach compromised the PII of roughly 100,000 individuals and the firm was fined $75,000. For the full article click here
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