Nearly half of financial advisers have been affected by a cyber attack, according to a poll by Intelliflo.
The survey of 220 users of Intelliflo's Intelligent Office service found 44 per cent of financial advisers had direct experience of cyber attacks, with 30 per cent experiencing them in their personal lives and 14 per cent in their businesses.
Intelliflo research also found that 82 per cent of consumers would fire their adviser if it became public they had been hacked.
It comes after last week's global cyber attack which affected computer systems in the private and public sector.
The findings are a shocking testament to how common cyber attacks have become.Nick EatockNick Eatock, executive chairman of Intelliflo, said: “The findings are a shocking testament to how common cyber attacks have become and highlights how crucial it is that advisers ensure they are using software for clients that is designed to protect data from malicious attack.
"When you take into consideration that, under the general data protection regulation, all firms will have to report breaches that are likely to result in a risk to the rights and freedoms of individuals within 72 hours, breaches will become publicly available.
"In some cases you will be required to inform the individuals who have been affected by the breach."
This weekend the Financial Conduct Authority advised firms to follow guidance issued by the National Cyber Security Centre (NCSC).
The NCSC has warned that it is likely more cases of the ransomware attack will come to light as the new working week begins – possibly at a “significant scale”.
Last week a cyber-attack hit 150 countries and caused problems with NHS computers in the UK.
The latest virus exploits a flaw in Microsoft Windows identified by, and stolen from, US intelligence.
There are fears of more "ransomware" attacks as people begin work on Monday, although few have been reported so far.
The Wannacry virus took control of users' files and demanded $300 (£230) payments to restore access.
In response to the attack the FCA has said firms should review the NSCS’s advice and take appropriate action.
The regulator added firms which have been subject to an attack should contact Action Fraud and inform their regulators through their usual route.
Ransomware is a type of malicious software which encrypts a computer’s hard drive and demands payment to release the data.
Investigators believe the attack was probably carried out by a criminal group, but they have said they are not ruling anything out.
The NSCS has advised home users to update their systems and antivirus products, scan their computers and back-up important data.
It has pointed businesses in the direction of a series of patches to contain the spread of the ransomware.
The full NSCS advice, along with links to the patches, is available here.
damian.fantato@ft.com
