US warns of potential Russian cyberattacks on wealth managers

The fallout from Russia’s invasion of Ukraine is hitting the advice industry as government agencies warned wealth managers last week to protect themselves and their clients against increased attacks.

U.S. officials have already blamed Russia for at least two rounds of attacks on Ukrainian websites in February — the largest in the country’s history — and have alerted American financial institutions to be on the lookout for increased cyber activity.

The Department of Homeland Security has set up a page specifically warning of cyberattacks emanating from Russia, and both the Securities and Exchange Commission and the Financial Industry Regulatory Authority Inc. echoed those concerns in notices to the public.

“While there are not currently any specific credible threats to the U.S. homeland, we are mindful of the potential for the Russian government to consider escalating its destabilizing actions in ways that may impact others outside of Ukraine,” DHS’ Cybersecurity and Infrastructure Security Agency said in the letter. SOURCE