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 [...]
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 [...]
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 [...]
How Economic Downturns Can Lead to More Claims
While experts continue to debate whether the economy has officially entered a recession, signs point to increasing financial uncertainty for many. Inflation is up, layoffs are mounting and markets are volatile. In short, it’s a recipe for claims. Official recession [...]
4 Ways to Minimize the Risk of SECURE 2.0 Changes
After a long and windy road, the SECURE 2.0 Act has become law. The new legislation, which updates the original Setting Every Community Up for Retirement Enhancement Act of 2019, contains a number of changes impacting recordkeepers. SECURE 2.0 changes [...]
Report: Finance Is One of the Most Targeted Industries by Cyber Criminals
Financial services businesses have been a target for criminals since the days of the Pony Express. Now, modern businesses face a serious threat from cyber criminals seeking to steal funds from bank accounts, real estate closings, court settlements and retirement [...]
One Law Firm Filed 11 Copycat Lawsuits Against Advisors of 401(k) Plans Last Year
Financial advisors have been plagued by 401(k) lawsuits in recent years. So frequent are new suits in the headlines, that it may seem like every law firm in the country has a case pending against an advisor. Yet in reality, [...]
Fighting Cyber Fraud: 10 Questions Lawmakers Are Asking About Retirement System Cybersecurity
Enough high-profile cyber incidents involving retirement plans have occurred that lawmakers have begun asking questions. The Comptroller General of the U.S. Government Accountability Office has been asked by members of Congress to examine the issue and answer 10 crucial questions [...]
Financial Execs May Be Overconfident About Cyber Security, Survey Shows
Cyber security is crucial for today’s financial services professionals — at this point, almost everyone understands that. Yet some firms may still be underprepared for serious cyber attacks and the damage they can cause. A new survey of financial executives [...]
Fighting Cyber Fraud: Two Case Studies of Claims Against Recordkeepers
“Did you hear? Another recordkeeper was sued for cyber fraud!” Recordkeepers have heard this line a lot lately. But around the watercooler, such stories often blur together. The details get lost, and that can make it harder for registered investment [...]
