Financial advisors are more likely to be victims of cyberattacks than those in other industries, largely because financial data is extremely valuable to cybercriminals and small businesses tend to have less sophisticated cybersecurity systems in place.
In 2016, 20% of financial firms were affected by data breaches. This increased to 25% in 2017. With the average data breach costing $7 million, protecting personal and financial data must be prioritized in the industry.
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