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Wealth Professional | 01 Jun 2016, 08:30 AM Agree 0
Securities and Exchange Commission chief gives her verdict on biggest risk to industry
  • Murray Schultz | 01 Jun 2016, 12:31 PM Agree 0
    While the concerns of the regulators are not without merit, it is becoming painfully obvious that the regulatory overlay is much too cumbersome and expensive (onerous) for smaller businesses to contend with, and getting worse The fact that security breaches at so-called top-flight firms (and, for God's sake, the SWIFT system of bank to bank communication and financial instrument transfer) have resulted in hundreds of millions in losses has no real correlation to/with what may or may not happen to smaller financial shops. This is particularly true when one realizes that much of this "private" information is already for sale on the web or on the down-low by ex-employees of large financial institutions, hackers and cyber-criminals. Rather than pretending to support small business (the number-one employer in Canada and the USA) while making it impossible to meet increasing administrative and financial overhead, the regulators may want to take part in hardening defenses against inherent weaknesses in big data, the ethernet protocol and trust-based document sharing at large institutions where employee loyalty and satisfaction levels are suspect, at best.
  • Niki | 02 Jun 2016, 06:32 PM Agree 0
    Murray--What do you suggest as a solution to the problem? What does anyone suggest as a solution to the problem? Join a large well financed corporation? If that is what it takes to ensure client's confidential information is kept secure then is that so bad? Can they still run a small business that way that fits their own design and responsibilities to client security of information and financial information?
  • Mary K | 06 Jun 2016, 10:44 PM Agree 0
    Well said Murray.
  • Wealth Advisor | 09 Jun 2016, 10:06 AM Agree 0
    The article references cyber-threats to financial advisors except data is no longer with the financial advisor. We turfed out our branch servers years ago. The data set resides at head office; order entry, client query, CRM is all in the cloud.
    For banks, yes as mentioned, it is a problem, but part of the problem is caused by the overcollection of personal and confidential information that is not required for the operation of their businesses.
    Can't hack or steal information that is not there.
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