Edelman Financial Engines Suffers Ransomware Attack

Company Overview

Edelman Financial Engines is a leading financial planning firm that provides investment advice and financial planning services to individuals and institutions. The company competes with Fidelity and NextCapital in the market for automated investment advice.

Vulnerabilities and Impact

Ransomware attacks can have significant business and economic impacts, as seen in the case of the Hollywood Presbyterian Medical Center, where the attack led to the computers being offline for 10 days and the organization paid a ransom of 40 bitcoins (USD 17,000 at the time) to restore normal operations. Edelman Financial Engines, like many other organizations, faces risks related to cybersecurity and the protection of information, including personal information about individuals.

Mitigation Strategies

While the specific details of the attack on Edelman Financial Engines are not available, it is crucial for organizations to invest in systems, processes, controls, and other security measures to guard against the risk of improper access to or release of confidential information. Regularly updating software, using strong passwords, and conducting employee training on cybersecurity best practices can also help mitigate the risk of ransomware attacks.

The ransomware attack on Edelman Financial Engines serves as a reminder of the ongoing threat posed by cybercriminals to organizations across various sectors. It is essential for companies to remain vigilant and implement robust cybersecurity measures to protect their sensitive data and systems.

Sources

• DELAWARE COUNTY LEGAL JOURNAL
• BIS Papers No 144 The economic implications of services in the metaverse
• The CyberPeace Institute
• Edelman Financial Engines 2022 Annual Report
• Lowell city agencies still recovering from cyberattack - The Boston Globe