SEC report reveals chinks in managers' cyber defences

Broker-dealers better prepared than investment advisers

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A large proportion of US asset managers do not have contingency plans in case of a cyberattack, according to a far-reaching survey conducted by the US Securities and Exchange Commission (SEC), in spite of the fact that 74% of them say they have experienced a cyberattack directly or through one of their vendors.

Nearly half (49%) of investment advisers who responded to the survey – a category that includes hedge funds, as well as other asset managers and analyst firms – said they did not have wri