Registered Investment Advisors Continue to Rank Threats to Data Security as Their Top Business Concern, According to the Golsan Scruggs 2023 RIA Risk Survey

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Registered investment advisors (RIAs) are more concerned about their liabilities for a cyberbreach or theft of data than any other potential business exposure, according to the 2023 RIA Risk Survey from insurance brokerage Golsan Scruggs.

Nearly nine out of every 10 RIAs surveyed listed Cyber/Privacy Data Breach as their most pressing corporate risk. That concern increased slightly from 2020s RIA Risk Survey.

The complexity of advisor technology stacks and the data-driven nature wealth management has raised the risks advisors face in handling and protecting client data, and RIAs know it, said Kenneth Golsan, Co-Founder and Managing Director of Golsan Scruggs. Managing and mitigating that risk should be top of mind for any RIA.

The second-highest risk concern for RIAs was regulatory compliance/audit, followed by trade execution/errors. Lowest on the list of concerns was employee dishonesty, which includes theft by employees of either company or client assets.

Golsan Scruggs surveyed approximately 8,000 independent RIAs from August through October to determine which areas of risk are collectively perceived as concerning, significant, and central to their businesses. Respondents were asked to rank 10 different risks in order from lowest to highest.

RIAs are businesses, and it is important for all business owners to assess and limit their liabilities through smart management, best practices, and risk mitigation, Golsan said. Our survey shows that RIAs increasingly understand many of the risks to their businesses, which is good news for the industry and the clients it serves.

To access the full survey results, please visit Golsan Scruggs at www.gsRIA.com.

ABOUT GOLSAN SCRUGGS

Golsan Scruggs is a specialty corporate insurance brokerage firm serving the risk and insurance needs of various financial institutions: registered investment advisors (RIA), private equity/hedge funds, mutual funds and related.

DISCLAIMER

The material and information made available in this release or from our web site are for informational purposes only and not for the purpose of providing legal advice or insurance guidance. The application and impact of the issues can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of the investment advisors fiduciary role, there may be omissions or inaccuracies in information contained within this report. While we have made every effort to ensure that the information contained within this report is reliable, Golsan Scruggs is not responsible for any errors or omissions, or for the results obtained from the analysis or use of this information. All information in this report is provided as is, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will Golsan Scruggs, its related partnerships or corporations, or the partners, agents or employees thereof be liable to you or anyone else for any decision made or action taken in reliance on the information in this report, from our web site, or for any consequential, special or similar damages, even if advised of the possibility of such damages. It is incumbent upon the reader or user of the information to contact an attorney to obtain advice with respect to any particular question, issue or concern. Use of and access to this information or web site or any of the information contained within the site do not create a business relationship between the reader, user or browser.

Contact Details

For Golsan Scruggs

Peter Page

[email protected]

Company Website

https://golsanscruggs.com/

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Golsan Scruggs

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