Many financial services companies and their vendors may have been impacted.
By: Cameron Jensen
Harvest Point Wealth Management
As you may have heard, a widely used company within the insurance and investment industry called Progress Software recently announced that a vulnerability was discovered in its file-transfer application, MOVEit Transfer.
LPL Financial, our affiliate broker-dealer, has confirmed that they do not use the MOVEit transfer software, nor do they have a direct relationship with Progress Software Corporation, the publisher of MOVEit software. None of its information systems or business operations were impacted because of this incident.
However, many financial services companies and their vendors were impacted, and some of those companies continue to investigate whether their data was exposed. Because LPL sends and receives data with many other firms—such as product sponsors, vendors, and financial institutions—it is possible that customer data was compromised through another company’s use of MOVEit.
Further, some clients have received letters from companies where they hold assets outside of our management indicating that those companies were users of the MOVEit software.
Undoubtedly, you have been impacted by some form of a data event like this in the past, as it is becoming more and more common, unfortunately. However, there are important steps to take to remain vigilant. If you receive a letter notifying you that your data may have been compromised:
- Please read the correspondence thoroughly to determine what action, if any, you would like to take.
- Don't hesitate to let our office know if you would like us to report potential fraud to LPL Financial and take additional precautions as well, like establishing a verbal password on your accounts.
- Consider signing up for the free credit monitoring offers being extended as part of this notification process.
We will continue to monitor this situation closely and share updates as new information is revealed.
Please contact our office if you have any questions or concerns.