Cyber Security

Cyber Security is an issue for everyone but even more so for the independent financial advisory firm. Personal financial information is the most common cyber theft. Here are some key ideas to protect your firm and your clients without costing a great deal of money:

Use your Broker Dealer

  • First and foremost, speak with the cyber security staff at your Broker Dealer to understand what procedures they have in place and what is required of you.
  • Ask if there is cyber security training for you and your staff.

Create a Cyber Savvy Staff

  • Make sure your staff is aware of all required procedures.
  • Have procedures in place to validate emails, incoming calls and wire transfers.
  • Use password vaults – as the firm owner, you should create the passcards for each employee to eliminate access by anyone else.
  • Set up and use Two-Factor Authentication – this is becoming the standard for secure logins.
  • Establish policies for using personal devices, the internet and social media, especially those devices that access firm data.

We are All at Risk

Don’t make the mistake of thinking that you are not “large” enough to be cyber hacked. It can happen to you, your clients and your firm. Protect yourself as strongly as possible.