Cybersecurity Threats Are Top RIA Concern In 2019, IAA Survey Says

For the sixth year in a row, cybersecurity remains the biggest compliance concern at registered investment adviser firms, with 83 percent calling it the “hottest” compliance topic and more than 70 percent indicating that they increased compliance testing in this area over the past year, a new survey says.

More than 80 percent of advisors reported testing to see if hackers could penetrate their systems, compared with 73 percent last year, and 75 percent conducted email phishing testing, up from 66 percent last year. A majority reported having cyber insurance, according to the joint survey of 369 RIA firms by the Investment Advisers Association (IAA) and and ACA Compliance Group. MORE