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Roaring Kitty and phishing attacks expose cyber headaches for IBDs
Firm leaders understand the cybersecurity threat is real. But have broker-dealers taken appropriate precautions to protect advisers and their clients?
March 17, 2021 4 MINS
A question at the start of the pandemic was how would broker-dealers, particularly independent B-Ds that operate on thin margins, adjust to technology and supervision of advisers during Covid-19.
It’s clear that firms had plenty of problems making that transition and now those issues are coming to the fore.
For the past 12 months, firm employees have been out of the office, scattered and working from home, the targets of cyber-attacks known as phishing. Advisers, meanwhile, have been reaching out to clients using unsupervised social media platforms.
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MassMutual Launches $50 Million Commitment That Includes Investment To Assist Black Businesses
(iStock.com/Cecilie Arcurs)
A major player in the life insurance business, MassMutual has launched a $50 million pledge to help spark job creation and business growth for diverse entrepreneurs.
The fund will be evenly split between two sleeves of capital: One is “MMCF Growth,” a $25 million community growth sleeve to target equity and debt investments in Black-owned, founded, or managed businesses in Massachusetts, including in Boston. Another is “MMCF Tech,” a $25 million technology sleeve to target equity investments in Massachusetts tech firms based outside of Boston.
The MMCF will compile a portfolio of early and mid-stage firms with investments of $250,000 to $2.5 million each. And officials report investment decisions will consider strong leadership teams and place emphasis on racial diversity for those in the growth sleeve to boost access to capital for the Black communit
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