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Shopping for Cyber Insurance?

Monday, February 13, 2017

Cyber-attacks seem to be more common. In turn, RIA firms are seeking greater risk protection with a focus on obtaining additional insurance coverage. Wading through the various types of errors and omission and cybersecurity insurance, not to mention fidelity or financial institution bonds can be quite challenging and time consuming. According to early data from a new study underway, InvestmentNews states that nearly 30% of financial advisory firms have cyber coverage. That number is in line with the one third of RIAs having some form of coverage that the Investment Adviser Association reports. The number of firms covered was only around 10% in 2014. If you are shopping for coverage, perform the proper due diligence. Look for coverage that covers not only traditional cyber-attacks but other possibilities, such as wire fraud.

About Red Oak Compliance Solutions

Red Oak Compliance Solutions is the global advertising review software of choice in the financial services industry. It is a comprehensive suite of SEC 17A-4 compliant features that are 100% books and records compliant and provides clients with 35% faster approvals and 70% fewer touches or better. We also offer Smart Review(SM), which solves for the storage and maintenance of disclosures, helping firms reduce risk, decrease review times, and increase the speed of distribution of marketing materials. Smart Registration(SM) automates the licensing and registration management process to help reduce regulatory risk and time spent on manual processes. Overall, Red Oak allows firms to minimize risk, reduce costs, and increase compliance review process effectiveness and efficiencies.

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