Hi all
I contacting all my brokerage account with the following request for OFFICIAL, on the record, clarification related to my accounts in the event of a RANSOMWARE or DOS attack that renders their support systems unreachable. If you can't get your money out OR cancel your trades then you have a BIG problem. Thought it might be interesting to others to do the same.
To whom it may concern,
We have accounts with { BROKERAGE NAME } and want to know SPECIFICALLY what happens to the money if {BROKERAGE NAME } is the victim of a cyber attack. Right now we can set up an ACH transfer and move ALL the money out of the accounts very quickly. So in the event of a RANSOMWARE or DOS attack what would happen to our ability to:
1 exit ALL our positions using single VALIDATED instruction from us to {BROKERAGE NAME}. NOTE assume we would NOT have access to the {BROKERAGE NAME} site!
2 transfer ALL our money to a linked bank account based on a single VALIDATED instruction from us to {BROKERAGE NAME} . NOTE assume we would NOT have access to the {BROKERAGE NAME} site
Just to be CLEAR on the SINGLE VALIDATED INSTRUCTION process. This is one in which we EMAIL a completely separate entity to initiate the instructions in 1 and 2 above should {BROKERAGE NAME} cease to be operational, meaning NO SUPPORT SYSTEMS.
I contacting all my brokerage account with the following request for OFFICIAL, on the record, clarification related to my accounts in the event of a RANSOMWARE or DOS attack that renders their support systems unreachable. If you can't get your money out OR cancel your trades then you have a BIG problem. Thought it might be interesting to others to do the same.
To whom it may concern,
We have accounts with { BROKERAGE NAME } and want to know SPECIFICALLY what happens to the money if {BROKERAGE NAME } is the victim of a cyber attack. Right now we can set up an ACH transfer and move ALL the money out of the accounts very quickly. So in the event of a RANSOMWARE or DOS attack what would happen to our ability to:
1 exit ALL our positions using single VALIDATED instruction from us to {BROKERAGE NAME}. NOTE assume we would NOT have access to the {BROKERAGE NAME} site!
2 transfer ALL our money to a linked bank account based on a single VALIDATED instruction from us to {BROKERAGE NAME} . NOTE assume we would NOT have access to the {BROKERAGE NAME} site
Just to be CLEAR on the SINGLE VALIDATED INSTRUCTION process. This is one in which we EMAIL a completely separate entity to initiate the instructions in 1 and 2 above should {BROKERAGE NAME} cease to be operational, meaning NO SUPPORT SYSTEMS.