
Over 70 percent of U.S. retail accounts and 60 percent of U.S. brokerage accounts are represented in this initiative — a total of over 400 million accounts.
The goal was to add an extra layer of protection for client data in case one of the participating banks went down due to a cyber attack so that people would still be able to access their assets. Or, “to extend the industry’s capabilities to securely save and restore account data in the event of a loss of operational capability,” as their website states.
Sheltered Harbor makes this possible by storing customer data from each participating institution in a private,...(continued)