“Continuing the trend identified this year; consumers are likely to experience more personal cybersecurity breaches in the new year.A data breach can swiftly change everything. Once it has happened, consumers do not know who to trust for advice and what actions to take. They scramble to perform emergency damage control including reaching out to police, FBI and vendors, changing passwords on multiple platforms, filling out paperwork, etc.Too often the value of cybersecurity becomes clear only in hindsight after experiencing the devastation and helplessness that accompany the reality of a data breach. While we are seeing a definite rise in cyber threats, there is also increased awareness. Consumers are becoming more cognizant about protecting personal data, which impacts the industry as a whole. Consumers, regulators and financial institutions are all asking more questions of advisors about how they protect private information. Our wish for 2021 is that advisors adhere to strong cybersecurity practices to best protect and gain the confidence of their clients.”
