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Broker-dealers deploying advanced cybersecurity measures

October 18, 2016

Broker-dealers deploying advanced cybersecurity measures

Tech experts are showing, not just telling, advisers that they are vulnerable to online threats

Oct 17, 2016 @ 11:57 am | By Liz Skinner | Investment News

The nation’s large broker-dealers are helping to protect financial planners from the threat cyber criminals pose to their business, even as advisers themselves tend to underestimate the risk.

Firms are moving beyond the typical warnings of avoiding public Wi-Fi and changing passwords. Broker-dealers today are testing adviser reactions by sending them fake phishing scams, creating secure instant messaging systems and encouraging use of dual factor identification for clients’ email, among other steps.

“The bad actors have gotten even better,” said Mukesh Mehta, chief information officer at Cetera Financial Group, at an InvestmentNewsroundtable of broker-dealer technology professionals last Friday.

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