In early 2024, NewEdge Advisors reported to the Attorney General of Maine that it had experienced a data breach involving the potential exposure of sensitive personal information. The breach was initially detected on February 15, 2024, when suspicious activity was identified within an independent advisor’s email account. This prompted NewEdge Advisors to launch an investigation to determine the nature and extent of the incident. Following this, the company discovered that unauthorized access to sensitive personal data had occurred between October 21, 2023, and March 6, 2024. The breach affected multiple individuals, though the specifics varied depending on the person.
NewEdge Advisors’ investigation revealed that sensitive personal information, including names, Social Security numbers, driver’s licenses or state identification numbers, and financial account details, may have been compromised by an unauthorized third party. The company began reviewing the data to assess the scope of the breach and identify the affected individuals. The review was completed by July 18, 2024, and it was confirmed that various types of personal information had been exposed, though the exact data impacted varied among individuals.
On September 12, 2024, NewEdge Advisors began notifying the affected individuals by sending out data breach notification letters. Along with the letters, the company offered complimentary credit monitoring services, which included credit monitoring, identity theft protection, and other resources to help mitigate potential risks associated with the breach. This step was part of the company’s efforts to assist impacted individuals in safeguarding their personal information against potential misuse.
NewEdge Advisors, founded in 2015 and headquartered in New Orleans, Louisiana, is a registered investment advisor that provides support to financial advisors. It is part of NewEdge Capital Group and services over $25 billion in assets. The company offers a range of services to its 375 advisors, which are designed to optimize resources and improve client service. This breach, however, highlights the growing cybersecurity risks within the financial advisory sector and emphasizes the importance of securing sensitive personal and financial data in email and other systems.
Reference:
