“Advisors: Do You Have a Cyberattack Crisis Plan?”

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Ray Hennessey shares advice with advisors on how to handle a cyberattack.

JConnelly President Ray Hennessey shares advice with advisors on how to handle a cyberattack on Iris.xyz.com.

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Wealth management firms should expect to have a cyber breach. It’s scary, but an inevitable part of the business, especially because these firms have what criminals want: personal and sensitive information from wealthy people. Having a crisis plan in place to handle the communications surrounding a cyberattack is vital to the success of coming out the other side with your firm still intact.

A good client relationship is crucial for wealth management firms. They are built on trust. Make them feel protected by having a plan prepared when a cyberattack occurs.

Tips include:

  • Understand state laws
  • Make it a client-centered communications plan
  • Your response should be coordinated with all the firms you’ve hired to help (PR, law, accounting and a cyber security firm)

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