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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 a leading provider of intelligent compliance software, offering a range of AI-powered solutions designed to help firms of all sizes successfully navigate the increasingly complex regulatory landscape. Our suite of 17(a)-4/WORM compliant features offer risk minimization, cost reduction, and process optimization capabilities with features that are designed to evolve with our client’s needs. Our flagship advertising review software enables firms to deliver compliant content to the market with confidence, faster. Our Disclosure Management and Intelligence solution simplifies the management of disclosures, while our Registration Management solution automates and streamlines the licensing and registration process, further enhancing your internal processes. 

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