By Greg Wright
MBA, CFE, CFP®, CLU, ChFC
Certified Fraud Examiner
Certified Financial Planner™
Small financial planning and investment advisory firms are cyberattack targets. Many have been a data breach victim and do not know it. Some know that they have been a victim and did not report it as required by law. They did not tell you either.
All of your financial and personal data – investments, tax returns, loved ones, business interests – may already be in the hands of a cyber-thief. You may not find out until your assets have been compromised.
Ask your financial planner, insurance agent and investment advisor a few basic questions;
- How often do they conduct a cybersecurity audit?
- Who conducts that audit?
- The name of their cybersecurity third-party consultant.
- Request a copy of the most recent audit.
- Request a copy of their data breach response plan.
- Where is your data stored? Is the data stored in the U.S.?
- Is it encrypted?
- The name of the software
Be prepared for a request for time to respond. You may need a plan “B”
