Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--Schwab Advisor Services today announced availability of a robust suite of resources and tools to help independent financial advisors develop, strengthen and maintain their cybersecurity defense. The program includes information to help advisors stay up-to-date on cyber-attack trends, regulatory developments and best practices for educating employees and clients on keeping data secure. As part of its offer, Schwab also developed action-oriented tools to guide advisors through the cybersecurity planning process, available through a new online Cybersecurity Resource Center.
Schwab’s cybersecurity initiative comes at a time when preventing cyber-attacks is top of mind for the industry, with almost 90 percent of independent advisors pointing to cybersecurity, privacy and identity theft as their top compliance concern for 2016, according to a recent study1.
“Advisors are aware of ongoing threats in a rapidly-evolving competitive and technological environment,” said Nick Georgis, senior vice president, Schwab Advisor Services. “As part of our commitment to empower independent advisors’ success, we are constantly evaluating the landscape and delivering resources and counsel to help them remain a step ahead.”
Schwab’s Cybersecurity Resource Center features educational materials to guide advisors through the process and offers the opportunity for one-on-one consulting for firms with more complex needs. The content aligns with the National Institution of Standards and Technology (NIST) framework, which the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) have encouraged advisors to adopt. The information in the Resource Center helps advisors:
- Understand the regulatory and fraud environment
- Assess their work and develop an action plan to strengthen programs
- Educate employees on roles and responsibilities for protecting firm and client information
- Educate clients on best practices for protecting information and how to maintain their programs
“Cybersecurity is an incredibly important issue for all advisors, and we view this as a critical component of our practice management and consulting support,” said Georgis. “By institutionalizing important practices like vendor due diligence and employee education on data security, firms are in a better position to meet the challenges of cybersecurity today and in the future.”
The resources are available on a complimentary basis to firms that custody assets with Schwab.
About Charles Schwab
At Charles Schwab we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.
Through its operating subsidiaries, The Charles Schwab Corporation (NYSE: SCHW) provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; compliance and trade monitoring solutions; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.schwab.com and www.aboutschwab.com.
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Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading, and support of Schwab.
Independent investment advisors and Schwab are independent of each other and are not affiliated with, sponsored by, endorsed by, or supervised by each other. For informational purposes only.
1 2016 Investment Management Compliance Testing Survey, Investment Adviser Association and ACA Compliance Group