New Research Reveals the Terrifying True Cost of a Cybersecurity Breach
Beacon Strategies, LLC Signals Syndicate Research takes a detailed look at current conditions fueling cybersecurity breaches, what can happen, what's to be done and who's doing it right for enterprise retail wealth firms and their advisors.
DENVER, Sept. 27, 2018 /PRNewswire-PRWeb/ -- It's a fact; fiduciary responsibility and reputational risk are NOT properly factored into the current retail wealth security equation. In today's hyperconnected, always-on marketplace, a breach—no matter the size—could be devastating to the firm, its leadership, advisors and (most importantly) its clients.
In order to help firms tackle the very real (and increasing) problem of cyber-related crime, Beacon Strategies LLC., a leading provider of independent, unbiased research and insight, has released a groundbreaking whitepaper titled Dollars and Damage: The Terrifying True Cost of a Cybersecurity Slip.
Through original interviews with various stakeholders, Beacon provides a detailed examination of the underpinnings of cybersecurity for retail wealth management executives and investment advisors to assist in proactive decision-making.
Funded by a syndicate of solution partners Beacon has brought together, the research and Beacon's process are completely independent and impartial.
Included are simple explanations of the National Institute of Standards and Technology (NIST), industry perceptions, customer fiduciary responsibilities, the lesser publicized risks associated with first being hacked, and subsequent reactive actions including cost models for individual practices, advisor shops, and correspondent broker-dealers.
"We live in a day and age where accessible software is the norm," Beacon Strategies founder Chip Kispert said. "Our phones, tablets, computers, and even our doorbells and cameras are all cyber targets. Fully 74 percent of financial advisors have been the target of bad actors looking to get investors' sensitive financial information. The reality is, when it comes to cybersecurity, we all are holding a handful of live wires in a storm that is only intensifying."
About Beacon
With access to hundreds of top financial decision-makers, executives at solutions vendors, and senior managers at clearing and custody firms, Beacon Strategies LLC. is a focal point for defining cutting-edge industry trends and best practices. Since its formation, the firm has expanded its staff and expertise in technology infrastructure planning, change implementation, and advisor-facing applications and reporting systems.
Beacon's clients for customized research and consulting include broker-dealers, technology solution providers and investment product manufacturers. All Beacon clients receive tangible, actionable advice and perspectives that combine qualitative strategic and environmental analysis with a quantitative market and product research. For more information, visit https://beaconstrategiesllc.com/whitepapers/cyber-security-retail-wealth-advisors/
SOURCE Beacon Strategies, LLC
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