Many registered investment advisors don’t take cybersecurity seriously and don’t know how to respond properly. Yet, according to a recent survey by the Investment Adviser Association, 39% of RIAs have had a cybersecurity incident. Such incidences can have a detrimental effect on an advisor’s mental health.
In this episode of Transparency with Diana B., Diana Britton, managing editor of WealthManagement.com, is joined by Darrell Kay, principal of Kay Investments, to share an important story for all advisors to hear. Darrell has worked in the investment field since 1986 and never imagined that he would fall victim to a cybersecurity breach. But in 2018, he was dealing with the fallout from a cyber incident that lost a client $100,000. As you will soon find out, this event impacted his life in ways he couldn’t have anticipated.
In this episode, you will learn:
- Darrell’s mistakes leading up to the cyber breach
- How to better recognize the signs of a cybersecurity breach and/or communication with a hacker
- The psychological and physical toll this incident had on Darrell
- Ways to reduce stress, control your emotions and visualize a positive outcome when faced with a similar situation
- Measures you should take to change your procedures and your attitude
- The importance of getting cyber insurance and other ways to protect yourself and your practice from cyber breaches
- And more
Diana Britton and Darrell Kay at the MarketCounsel Summit
Tune in now to hear Darrell’s cautionary tale and learn how to deal with a cyber incident psychologically and emotionally and come out the other side of it.
If you have a struggle and wish to share your experiences and help others in similar situations, please reach out to Diana at [email protected].
The Transparency with Diana B. podcast is available on Apple Podcasts, Android, Stitcher, Spotify and wherever podcasts are found.