Cybersecurity policy may still be very much a work in progress at the SEC, but officials increasingly are expecting advisors to have a baseline set of policies and procedures in place to safeguard clients' data, compliance experts caution.
Cyberattacks pose a serious threat to investors, as well as advisors and broker-dealers, and the SEC is paying attention. Here's the most recent guidance from the regulator and what it means for advisors.
Planners are often required to use encryption, which can be a powerful tool to protect private information. But advisors have to understand the basics and how to get their clients - and staff - on the same page.