Scottrade's data breach underscores the importance for wealth managers to make sure that they are strengthening their cyber defenses, experts say, particularly as it has become a key area of focus for regulators.

"Anyone within SEC purview is under increasing pressure to up their game when it comes to cyber awareness and protection, including wealth managers, whether online or offline," said Craig A. Newman, chairman of the privacy and data security practice at New York law firm Patterson Belknap Webb & Tyler. 

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