The financial industry hasn’t had a data breach as big as the one that hit Target recently, but it still needs to do more when it comes to protecting investors, a recent survey found.
More than 40% of financial professionals surveyed last week believe investors are “at greater risk given the pace of tech advancements and the challenges of remaining compliant with regulations,” according to Finect, a social-media platform for those in the industry.
In addition, nearly 60% say technology is changing “as fast as the markets or faster,” which puts great pressure on firms, regulators and advisors to keep up.
“It’s a New Tech World Order, and the businesses that thrive in the future will understand how to use technology that’s changing almost as quickly as markets themselves,” said Finect President Jennifer Openshaw, in a press release.
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There are new kinds of problem as tech capabilities expand “exponentially,” Openshaw explains. “Systems are designed to move faster and manage larger amounts of data than in the past, from institutional trades to the smallest text messages. And everything must be preserved for compliance, as well.”