Many advisers don’t realize cyber coverage doesn't protect them when claims are made for wire transfer mistakes or fraud. (Credit: MQ-Illustrations/Adobe Stock)
Nothing shatters peace of mind quite like believing that you are protected from a circumstance, only to find out that you are more vulnerable than you think.
This is happening more frequently around liabilities that financial advisers think they are insured against but aren’t. Despite the electronic nature of most transactions, many advisers don’t realize that cyber coverage does not protect them when claims are made for mistakes or fraud dealing with wire transfers.
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Brian Francetich
Brian Francetich is director of Golsan Scruggs RIA, a corporate insurance brokerage firm serving the financial services industry.
