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CRM Data Breach of Redtail might have exposed some client information


A data breach might have exposed the personal client information of some financial advisors which are stored on the Client Relationship Management (CRM) software of Redtail Technology, according to the email that this fintech firm has been sending to the affected financial advisors.


The affected financial advisors have been told in an email by Redtail that it came to know about a data breach on March 4, 2019, which led to its logging systems capturing some data of investor and then putting those in a file that was accessible to anybody on the internet, as per InvestmentNews, who also obtained the email copy. The investor information in that file includes clients' first as well as last names, dates of birth, Social Security numbers and physical addresses.


Redtail told the advisors that the moment it learned about this exposure, it removed access of that file and began an investigation. However the nature of data, format in which the data has been stored, and also the time required to have a handle on firm's databases delayed the remediation, said Redtail, according to the InvestmentNews.


Redtail also had to build particular and specific applications in order to find which clients' data has been exposed, writes the publication. To cover up for this exposure, Redtail is emailing the affected investors and is also offering free access to the LifeLock Defender Preferred, the identity theft and credit monitoring as well as remediation product from the Symantec.


According to the InvestmentNews, Brian McLaughlin (the CEO of Redtail) in an email statement claims that below 1% clients of the company "were affected by this data exposure". "We are taking this matter very seriously and are doubling down on our efforts to ensure that our customers' data is safe and secure," the CEO of Redtail also said in the statement, as per the InvestmentNews.


Redtail's CRM is one of most popular among the financial advisors. As per the latest survey by the Technology Tools for Today, Redtail have 57% market share.


The CEO of Redtail also said that "it was a temporary exposure which Redtail uncovered and corrected".


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