Most brokers and advisers don’t guarantee your money back after a hack attack

The vast majority of brokerages and financial advisers don’t guarantee clients will be reimbursed for losses related to a cyber attack, a study by Wall Street’s federal regulator found — despite the fact that most said they “have been the subject of a cyber-related incident.” The Securities and Exchange Commission released details Tuesday from a study of cybersecurity practices at more than 100 broker-dealers and registered investment advisers. Just 15% of broker-dealers and 9% of advisers offer security guarantees to clients that would make them whole after cyber-related losses, the study found. At the same time, 88% of broker-dealers and 74% of advisers said they “have experienced cyber attacks directly or through one or more of their vendors.” More on MarketWatch here.

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