Top Cyber Breaches of 2023

Top Cyber Breaches of 2023 Cyber breaches were in the news a lot in 2023. In fact, 2023 was one of the most significant years on record for cybersecurity incidents. Even if you and your advisory business didn’t have a hack, you may have still felt an impact. With everything from common office tools to [...]

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By | May 31st, 2024|Cyber security, Industry Information, RIA|Comments Off on Top Cyber Breaches of 2023

15 Best Cyber Security Best Practices for RIAs

15 Best Cyber Security Best Practices for RIAs Cyber attacks pose a significant risk to financial businesses, costing companies millions and damaging reputations. The tactics used by hackers are always evolving, so it’s important to keep up with the currently recommended best practices. However, many firms fall behind — and that’s where a problem can [...]

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By | March 13th, 2024|Cyber security, RIA, Risk Management|0 Comments

Advisor-Client Communication Tips

Advisor-Client Communication Tips Good communication in the advisory business is essential for client success as well as the health of your business. When communication between the advisor and the client breaks down, misunderstandings can multiply. Such misunderstandings can strain relationships, decrease client satisfaction and increase the possibility of a claim. To minimize these risks, it's [...]

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By | February 29th, 2024|RIA, Risk Management|0 Comments

All About Social Engineering in Cyber Crime

All About Social Engineering in Cyber Crime Whenever the topic of cyber crime comes up, leaders at organizations everywhere often have one question: How do fraudsters and hackers convince so many people to hand over their passwords? The simple answer is social engineering. People are social by nature, with a decision-making process that’s highly responsive [...]

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By | January 24th, 2024|Cyber Liability Insurance, Cyber security, RIA|0 Comments

The Risks of Internal Theft vs External Theft for Financial Professionals

The Risks of Internal Theft vs External Theft for Financial Professionals The topic of external theft is familiar for many advisors. Assets you oversee are attractive to criminals and so is the personally identifiable information of your clients, investors and plan participants. Stories abound of fraudsters and internet hackers stealing funds from financial firms and [...]

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By | December 28th, 2023|RIA, Risk Management|0 Comments

Why Cyber Claims Cost So Much

Why Cyber Claims Cost So Much Ask anyone who’s been hacked and they’ll tell you: Cyber claims are expensive. In the advisory space, overall costs regularly exceed $250 per exposed record. With the volume of records involved, these costs quickly add up. Many claims cost over $1 million today. But many professionals still wonder where [...]

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By | November 27th, 2023|Cyber security, Industry Information, RIA|0 Comments

What’s the Difference Between E&O, Fidelity Bonds and Cyber Liability?

What’s the Difference Between E&O, Fidelity Bonds and Cyber Liability? When you face a complaint involving your advisory business, insurance can help you achieve a better outcome. But risks come in all shapes and sizes — and so do the policies that protect against them. A competent broker will usually recommend E&O, Fidelity Bonds and [...]

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By | October 31st, 2023|Insurance Information, RIA|0 Comments

6 Steps You Have to Take to Protect Your Plan

6 Steps You Have to Take to Protect Your Plan Since the days of the Pony Express, financial services businesses have faced elevated risk. The only difference today? The train robbers have been replaced by cyber criminals. In this new Wild West of digital finance, it’s important for plan fiduciaries to be ready. With October [...]

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By | October 16th, 2023|Cyber security, RIA|0 Comments

How to Minimize Your Liability for New SECURE 2.0 Investors and Sponsors

How to Minimize Your Liability for New SECURE 2.0 Investors and Sponsors As many retirement plan advisors know, the retirement landscape is changing. Recent Setting Every Community Up for Retirement Enhancement Act revisions (SECURE 2.0) are designed to spur more employers to create plans and more workers to participate in them. The likely result over [...]

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By | September 13th, 2023|Industry Information, RIA|0 Comments

How Advisors Meet Their Custodian Requirements With Lockton Affinity Advisor

How Advisors Meet Their Custodian Requirements With Lockton Affinity Advisor Sometime in the last year or so, you probably received notice that your custodian was instituting new insurance requirements. Today, more and more financial professionals are meeting their custodian requirements with coverage from Lockton Affinity Advisor. Here’s the story of how one advisor went from [...]

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By | August 14th, 2023|Cyber Liability Insurance, RIA|0 Comments