T.Rowe Price Group Inc. CEO James A.C. Kennedy said Thursday that firm executives are worried about cybersecurity as online attacks become more common.
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Kennedy addressed the issue at the company’s annual meeting at its Owings Mills campus, where shareholders re-elected 12 directors to the board, approved 2014 compensation for top executives and ratified KPMG as the firm’s auditor.
“We’re worried a lot about cyber security,” Kennedy said in response to shareholder questions. “We get probed. We get attacked. We work hard to stay in touch with the best, both in Washington and in New York, so that we’re at the leading edge in terms of defending ourselves as much as we can …. You never can say never.”
T. Rowe has not reported breaches of customer data since early 2008, when computers containing records were stolen from one of their vendors in St. Louis, according to filings with the state attorney general, to whom companies are required to report breaches that affect Maryland residents.
Security officers at the major banks and firms are sharing best practices, said vice chairman Edward C. Bernard.
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“There is no competitive advantage to having someone else get hacked,” he said. “It hurts the whole neighborhood.”
After the meeting, T. Rowe announced a quarterly dividend of 52 cents per share, to be paid at the end of June.
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