Brokers looking for new large cyber accounts might want to knock on doors of companies who look after other people’s money.
More than half (55%) of Canadian asset managers surveyed said they intend to purchase insurance to protect themselves against cyber incidents, KPMG Canada said in a recent report.
Respondents, including some large mutual fund managers, were asked how they plan to address cyber security, James Loewen, KPMG Canada’s national sector leader for asset management, said Tuesday in an interview. Respondents were asked to choose among eight answers, one of which was buying insurance, and select all that apply. Other responses included installing systems to detect and/or prevent cyber-incursions, forming a risk management committee to address cyber security and outsourcing cyber security to an information technology vendor.
KPMG did not name the respondents, but some were “very large” financial services conglomerates, Loewen said. KPMG released results of the survey on Sept. 27 in its third annual Canadian Asset Management Industry Opportunities and Risks report.
For brokers placing cyber for mid- to large-sized clients, what is telling is how asset…
