Advisers hit by cyber attacks

by | May 15, 2017

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Advisers have been hit by cyber attacks.

This is the conclusion of new research from Intelliflo, a company which provides information technology services to financial services companies.

Of the financial advisers questioned by Intelliflo, 44% said they have had direct experience of cyber attacks, with 30% experiencing them in their personal lives and 14% in their businesses.

What’s more, a further 44% of respondents knew people who have been victims of attacks. And only 12% said they, or anyone they knew, had no experience of cyber attacks.

Perhaps more worrying for advisers, was that in a separate poll, it was discovered that 82% of consumers questioned said they would fire their adviser if it became public that the adviser had been hacked.

Executive Chairman Nick Eatock of Intelliflo said: “The findings are a shocking testament to how common cyber attacks have become and highlights how crucial it is that advisers ensure they are using software for clients that is designed to protect data from malicious attack. When you take into consideration that, under the General Data Protection Regulation (GDPR), all firms will have to report breaches that are likely to result in a risk to the rights and freedoms of individuals within 72 hours, breaches will become publicly available. In some cases you will be required to inform the individuals who have been affected by the breach.”

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