From: InsuranceNetNews
By Arthur D. Postal
WASHINGTON – A majority of broker/dealers and advisors told a federal agency that they have experienced cyber-attacks directly or through one or more of their vendors. More than half of the broker/dealer firms, but only 21 percent of the investment advisors reported that they maintain insurance to cover losses and expenses related to cybersecurity incidents.
In light of this, the Securities and Exchange Commission (SEC) plans to continue its targeted examination of the cybersecurity processes of registered investment advisors this year, an agency official said at a recent conference.
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