The Biggest Cyber Security Disasters of 2017

Updated:
August 29, 2019

Like 2016 before it, 2017 was not without its share of cyber security incidents—incidents that impacted companies of all sizes and affected multiple industries. The following are some of the biggest cyber security disasters of 2017:

WannaCry

Using a tool that was allegedly stolen from the U.S. National Security Agency, cyber criminals exploited a flaw in Microsoft’s Windows system in order to spread malware dubbed WannaCry. The attack, which took place May 12, 2017, has impacted over 200,000 users in at least 150 countries, including Canada.

Equifax

In September of 2017, Equifax, one of the largest credit reporting agencies, was the victim of a massive cyber attack. This attack compromised the personal information of over 143 million people.

Yahoo

In late 2016, Yahoo reported more than 1 billion user accounts were impacted by a 2013 breach. Later in 2017, it was revealed that over 3 billion Yahoo accounts were compromised.

Verizon

In July of 2017, it was reported that 14 million Verizon subscribers may have been affected by a data breach. The majority of those impacted by the breach were individuals who had previously contacted Verizon customer service.

Gmail

In May of 2017, it was revealed that Gmail users were targeted in a sophisticated phishing scam. The scam sought to gain access to accounts through a third-party app. Over 1 million users have been impacted.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
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It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.