Cyber Coverages Explained Cyber insurance has dramatically evolved since the first coverages were added to other policy forms in the 1990s. Traditionally, cyber coverages were only considered necessary in the technology industry — or for those providing technology-related professional services. It was the dawn of the digital age and growing cyber risk exposures across all [...]
Read MoreTop 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 [...]
Read More15 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 [...]
Read MoreAll 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 [...]
Read MoreWhy 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 [...]
Read More6 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 The train robbers have been replaced by cyber criminals.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 [...]
Read MoreFighting Cyber Fraud: An Introduction to Cyber Insurance for Recordkeepers Now more than ever, retirement plan recordkeepers are at risk of cyber fraud. But there are ways to minimize your exposure. Lockton Affinity’s Tom Schrandt recently penned an article for ASPPA's Plan Consultant Magazine, offering cyber tips for recordkeeping professionals. Tom is a Vice President, [...]
Read More8 Cyber Risks from Working from Home A lot has changed about the way businesses work over the last few years, including a rise in the cyber risks from working from home for RIAs and other financial professionals. Most computer systems at big offices are well protected from everyday intrusions. Computers at home are not. [...]
Read MoreUnderstanding the Fraud Coverage Within a Cyber Liability Policy: Computer Fraud vs. Funds Transfer Fraud Most registered investment advisors see any potential fraud involving computers as a serious risk to business, but fraud coverage within a cyber liability policy can vary. Unlike RIAs, insurers don't think of cyber risks like fraud as one single risk, [...]
Read MoreHiring a Service Provider with Strong Cybersecurity Practices Under ERISA, retirement plan fiduciaries can be held liable for cyber crime impacting participant data and assets, even when the fault lies with a service provider. New guidance suggests how advisors like you can protect yourself. New Guidance for Fiduciaries Issued High rates of cyber crime continue [...]
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