Strong cybersecurity for protecting sensitive client data is a critical capability for any Registered Investment Advisor firm. In 2013, Hardy Reed—one of the first firms to earn the Center for Fiduciary Excellence certification—considered cloud services as an option for its IT needs. They wanted to look at alternate options to replacing their in-house server. Two factors were particularly important: heightened security concerns for protecting client information and the need to enable advisors and staff to serve clients while on the road.
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Cybercriminals targets the financial industry 300 times more frequently than any other industry, resulting in mega breaches and millions of records stolen through hacktivism, malware, social engineering, phishing, and other applications. The harsh consequences of remaining vulnerable to cybersecurity breaches are costly, and the number one threat to cybersecurity is the uninformed employee. As cybercrime becomes commonplace, it’s essential to learn about the current cybersecurity landscape, the tools a financial firm needs, and best practices for keeping your firm protected.
An unprecedented cyber theft transpired earlier this year, one as daring as it is revelatory. When unknown thieves siphoned $81 million from the Bangladesh central bank, by using the SWIFT system to trick the U.S. Federal Reserve into turning over the money, the criminals showed that hackers can exploit virtually every aspect of the global financial system. Ramifications for registered investment advisors and broker-dealers should be obvious. If some of the biggest financial entities in the world can find themselves involved in cyber breaches, so can your firm.
During the past year, financial institutions of all kinds have experienced repercussions from cybersecurity gaps. The alarming truth is that many broker-dealers have failed to stay up to date with cybersecurity controls and must swiftly get in compliance with all computer-related rules that the Financial Industry Regulatory Authority (FINRA) enforces or risk disciplinary action.
In a referendum held on June 23, 2016, the United Kingdom (UK) voted to leave the European Union (EU). For risk professionals, many of the key issues that affect them will be decided during the negotiations over the coming years that will determine the UK’s new relationship with the EU. However, firms need to begin assessing which areas of their business could be affected and begin having discussions with their insurers and risk advisers. For insurers, this vote could also have significant implications.
After months of fierce debate and a policymaking hiatus, the United Kingdom (UK) electorate has voted in favour of leaving the European Union (EU). While the broad direction is set, companies will still face considerable uncertainty until the UK’s exit strategy is defined and trade negotiations (including the trans-border movement of people) with the EU and other countries are completed.
Ask a wealth management colleague to define “the cloud” and you are likely to get a vague response. Even among information technology experts, the term “cloud” may refer to different technologies that are only connected in a general sense. And despite the fact that cloud computing has quickly become the IT norm, the question remains: Is the cloud secure enough to support a wealth management firm’s critical company information and workflow? The truth is, not all clouds are equal, in infrastructure and in management.
Cybersecurity is a risk for children and adults alike. If you’re online, you’re visible around the world—and with more than 10 billion internet-connected devices, opportunities for hackers abound. Learn how to protect your family from identity theft and cyberattacks at home and while traveling. By knowing what to look for, you can dramatically reduce the risk of a cyberattack.
One of the most important, yet most forgotten, parts of estate planning is keeping track of who will benefit from those assets, including life insurance, which are not governed by your will. Providing for your family includes knowing which types of assets are not governed by your will; ensuring your assets are going to where you want them to go; and keeping your beneficiary designations updated.
From the intense wildfire activity in 2017, lessons were learned on the value of smart landscaping. Applying those lessons and other tips, you can enhance your home's resiliency and keep your family safe.