<![CDATA[investment security - Savage Villoch Law]]> https://www.savagelaw.us/blog/tags/investment-security/ Wed, 06 Nov 2024 17:43:54 GMT en-us <![CDATA[Who’s Watching the Watchdogs? SEC Hack Exposes Critical Financial Regulation Faults]]> https://www.savagelaw.us/blog/sec-hack-exposes-regulation-faults/ https://www.savagelaw.us/blog/sec-hack-exposes-regulation-faults/ Sat, 23 Sep 2017 16:37:13 GMT SEC Hack Exposes Critical Security Faults On Thursday, it was announced that the Securities and Exchange Commission (SEC), the nation’s top finance and securities regulator, had experienced a critical cyber security breach. The breach, which occurred in 2016, allowed hackers access to the SEC’s EDGAR system, a database which houses corporate filings and announcements for…

]]> SEC Hack Exposes Critical Security Faults

On Thursday, it was announced that the Securities and Exchange Commission (SEC), the nation’s top finance and securities regulator, had experienced a critical cyber security breach. The breach, which occurred in 2016, allowed hackers access to the SEC’s EDGAR system, a database which houses corporate filings and announcements for a multitude of Wall Street firms. The SEC hack has shaken investors and lawmakers as it poses serious questions regarding the SEC’s security measures and protocol. It is also possible that hackers may have profited on the insider info by trading on it. According to a Reuters report, the database contained sensitive, “market-moving information”. The announcement came as a shock to everyone and with concerns arising over the SEC’s ability to maintain and protect its security systems, you may be wondering what this means for your investments. For it’s part the SEC has taken steps to assure that the security breach has been addressed, however the SEC hack comes at a period of heightened concern over cyber security. This breach follows close on the heels of the massive Equifax scandal, in which hackers gained access to millions of customer records.

Security Protocol in Question

The SEC hack has raised questions in Washington among policymakers concerning what steps are being taken by regulators to prevent critical breaches like this one from occurring. SEC Chairman Jay Clayton will be on Capitol Hill on Tuesday, appearing before the Senate Banking Committee. The chairman is expected to come under fire from policymakers, who will demand a clear account of the exact nature and extent of the SEC hack. Ahead of this hearing, other financial and securities regulators have come forward with their cyber security measures.

Investor Resources

If you’d like to find out more about the SEC hack, read the full Reuters article here. For more regulatory news and investing tips, check out our blog.

]]> <![CDATA[Top 5 Ways to Prevent Elder Financial Abuse]]> https://www.savagelaw.us/blog/prevent-elder-financial-abuse/ https://www.savagelaw.us/blog/prevent-elder-financial-abuse/ Fri, 14 Apr 2017 14:00:03 GMT A recent New York Times article spotlights a renewed approach and increased legislative response to financial elder abuse. Featured in the article are personal accounts of real people whose family members and close friends have been affected by elder financial abuse. Investment fraud and financial abuse directed towards seniors and the elderly has been a…

]]> A recent New York Times article spotlights a renewed approach and increased legislative response to financial elder abuse. Featured in the article are personal accounts of real people whose family members and close friends have been affected by elder financial abuse. Investment fraud and financial abuse directed towards seniors and the elderly has been a rising concern. We recently featured an issue focusing on the problem of increased elder financial abuse. Most elder abuse is perpetrated against those between the ages of 80-90, suffering from degenerative diseases such as Alzheimer’s. Now, the issue is getting legislative attention. According to the Times article, 33 states have considered the issue of specific laws directed at financial abuse against the elderly. Other states are revisiting their existing laws. With elder financial abuse coming to the forefront of financial regulation, we want the public to be aware of ways to prevent this crime. With the right tools and education, family members can help protect senior relatives against elder financial abuse.

Preventing Elder Financial Abuse
  • Be in the Know
    • Whether or not you are named as a trustee or account manager, it is important to talk to your senior relatives about their finances. Even casual discussion about investment plans or opportunities can go along way in informing your loved one about potential risks.
  • Understand Contracts and Statements
    • If your are managing your own financial records or you are a loved one managing for an elderly relative, make sure you completely read and understand all contract terms before signing any agreements.
  • Check Broker/Advisor Backgrounds
    • Know your or your loved one’s financial advisor or stock broker. Make sure they are trustworthy. You can check broker backgrounds on Investor.gov
  • Be Wary of Sweepstakes/No-Risk Scams
    • Offers through mail, email or over the phone promising over-the-top rewards or returns on investment with little to no risk should be avoided. If you are a trustee or account manager, make sure you speak with your loved one about these scams.
  • Review Financial Statements
    • Make sure you are not letting your financial statements go by without taking time to carefully review them. Look for any inconsistencies, erroneous charges or fees that can’t be accounted for.
Educational Resources
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