What may happen when cybercriminals target the financial advisory industry?

James Clabby, chief information officer at AIG Advisor Group, said his firm provides employees with guidance about security best practices regarding their software and hardware, but at the end of the day, there's always the potential for an unexpected issue.Cyberattacks have become more common recently, with big names like Sony, Target and even the federal government getting caught in the cross hairs of hackers. The fear among financial services companies is what may happen when cybercriminals target the financial advisory industry. After all, advisory firms are not only the holders of substantial private information, but they are indirectly holding on to assets as well.

Darren Tedesco, managing principal of innovation and strategy at Commonwealth Financial Network, said his firm sees cyberattacks every day. There are 10 to 30 attempted client email hacks a week, he said. MORE