Since the infamous cyberattack on Sony Pictures Entertainment a year ago, business leaders have noticed an increase in hacks both externally and internally, according to a survey conducted by the auditor PwC.
Globally, the cost of cybercrime is estimated to be upwards of $385 billion and those attacks can and do happen in every type of industry, including financial services.
To that point, almost every financial advisor has a story that goes something like this: An email arrives from a client saying they are traveling and unable to call. However, they need a large wire transfer for a property closing or to handle a family emergency.
These emails contain enough personal details that an advisor might think twice.