Succession Wealth advice firm suffers cyberattack

British independent advice firm Succession Wealth confirmed a cyberattack – it remains unclear whether customer data was compromised.

Succession Wealth was made aware of the incident on February 8 and notified the relevant authorities. However, it has not publicly disclosed details of the attack, adding that potentially affected clients were notified about the breach.

"The security of our clients' information is our top priority and, as a precaution while the investigation is ongoing, we have quickly introduced additional security measures," the company said in a statement.

"Succession Wealth will ensure that clients will not suffer financial loss if their personal data held by Succession is misused as a result of the attack."

Ever since the attack, the company has launched an investigation and promised to give more updates along the way.

"At this stage we cannot comment on the nature of this attack," it stated. "We will give further updates as and when appropriate to do so.

As financial institutions continue suffering similar attacks, Israel launched a 10-country simulation of a sophisticated cyberattack on the world’s financial market to prepare for the scenario. It analyzed various possible ways in which an advanced cyberattack on the global financial system could influence the market, calling all of the investigated scenarios “possible.”