Do you share sensitive data with strangers? According to a Broadridge survey of over 200 executives in broker-dealer institutions more than 85 percent of respondents reported data security and the protection of personally identifiable information (PII) are under glaring scrutiny from corporate executives. Broker dealer executives face increasing challenges as they try to protect sensitive client information while tapping into the expertise and efficiencies of a growing number of outside partners and vendors.
“The survey data underscores Broadridge’s belief that broker-dealers are under increasing pressure to develop data protection strategies. Recent high-profile breaches in the financial services sector have elevated the intensity of public debate on protecting PII within the industry, as well as the investor community” stated Mark Schlesigner, Chief Information Officer, Broadridge.
“Even potential vulnerabilities can cause dramatic reputational, financial and operational damage. It no longer is sufficient to focus solely on internal process and technological advancements intended to improve security of sensitive data. An overarching perspective must be taken to protect information that flows through the systems of the enterprise, customers, partners and critical technology vendors”, concluded Schlesinger.