It’s a rare day when consumers don’t read about another cybersecurity breach afflicting a U.S. business. Anthem, a large health insurer, announced that hackers stole sensitive personal information from 80 million of its customers. Not surprisingly, consumers are on edge about future attacks, as are financial-services regulators. In fact, the North American Securities Administrators Association (NASAA), released an alert encouraging consumers to discuss cybersecurity with their advisors.
“The increasing reliance on technology in our daily lives could leave our sensitive financial information more vulnerable to unwanted viewing or theft without proper safeguards in place,” said William Beatty, NASAA President and Washington Securities Director.
In September 2014, NASAA reported that 62 percent of state-registered investment advisor firms participating in a NASAA pilot survey had undergone a cybersecurity risk assessment, and 77 percent had established policies and procedures related to technology or cybersecurity.