T3 2023: Few firms adopting cybersecurity tools

Advisor Armor named #1 Cybersecurity Compliance Software by T3 Investment Advisor Survey

While software for financial planning and managing client relationships is now widely embraced by financial advisors, few are using tools to keep their firms safe from digital threats.

Less than a quarter (24.33%) of financial advisors are using cybersecurity software, according to the 2023 Advisor Software Survey from Inside Information and Technology Tools for Today. That compares with 83.68% adoption of financial planning software and 96.46% for CRM systems.

T3 president Joel Bruckenstein and Inside Information owner Bob Veres shared the results of the survey, which polled 3,309 people from advisory firms, during the first day of the annual T3 conference in Tampa, Florida. The data were collected from December through early March.

The lack of adoption of cybersecurity tools in the industry is “disheartening,” Bruckenstein said. SOURCE