On September 18, 2024, Steward Partners Management Holdings, LLC filed a data breach notice with the Attorney General of Massachusetts after discovering that an unauthorized party had accessed sensitive information within the company’s systems. The breach involved unauthorized access to confidential consumer data, and the company immediately launched an investigation to assess the extent of the breach. As part of the company’s response, Steward Partners began notifying individuals whose data may have been compromised as a result of the incident.
Steward Partners’ investigation revealed that an unauthorized actor had gained access to certain files containing sensitive consumer information. Although the specific types of compromised data have not been fully disclosed in the public filing, individuals impacted by the breach received personalized notifications detailing what information of theirs was affected. Steward Partners acted quickly to secure its systems and prevent further unauthorized access, while also reviewing its internal security policies to ensure such an incident does not occur in the future.
The company has taken steps to cooperate with regulatory authorities and strengthen its security measures in response to the breach. This includes reviewing the affected IT systems and implementing safeguards to minimize the risk of future breaches. The breach, while still under investigation, has raised concerns about the security of consumer data in financial services firms, highlighting the importance of robust cybersecurity practices to protect sensitive information.
Steward Partners Management Holdings, LLC is an independent financial services firm providing wealth management solutions to families, businesses, and multigenerational investors. With more than 192 employees and an annual revenue of approximately $66 million, the company serves a wide range of clients and aims to offer secure financial services. Despite the recent breach, Steward Partners continues to focus on providing clients with trusted wealth management services while addressing the vulnerabilities revealed by this incident.
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