Spreading out Financial resources
The recent revelations of how the IT systems of both Target and Neiman Marcus were compromised by crimininals, and the fact that the criminals were able to operate for several weeks before being detected has got me wondering about security and the firms that I have my financial resources with.
All these forms are insured by SIPC, but I am not sure what would happen if criminals broke into one and messed with account information. Does SIPC insure if criminals steal funds from customer's accounts after breaking into the IT systems of major banks and financial institutions?
Even if the customer is eventually made whole, how long will that take before he/she can get at their money?
Also, SIPC insurance has a limit of $500,000. Do others feel safe with that? Or do you spread your money around to more than one institution?
The worst decisions are usually made in times of anger and impatience.