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.
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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.
As the benefits and capabilities of the Internet of Things (IoT) accrue, so does the amount of data that must be collected, managed, and integrated with connected devices—and by enterprises everywhere. It’s a challenge that demands a new kind of digital trust and data sharing tradeoffs. For more insights from this IoT series, see:
The Internet of Things (IoT) has inspired unprecedented cooperation and coordination for the businesses and industries interested in ensuring a sustainable future for themselves. From the lens of eleven case studies, see how the IoT revolution is transforming the world in which we live in. For more insights from this IoT series, see:
The rise of the connected objects known as the Internet of Things (IoT) will rival past technological marvels, such as the printing press, the steam engine, and electricity. As IoT solves problems that have plagued businesses for decades, it will also create entirely new dilemmas across all sectors and for all industries. Concerns over privacy, cybersecurity, and property and products liability will quickly become just as robust as the opportunities IoT presents.
Taking a risk assessment is a crucial part in developing a business continuity plan. In this podcast, learn more about the critical activities that can help your business continue the normal, day-to-day functions when a crisis hits. An IT Business Continuity Checklist is also provided to help you assess your company’s remote work capabilities.
Although water damage is the most frequent cause of loss to luxury homes, most people don’t appreciate the specific impact it could have on them—and therefore don’t take proactive steps to avoid it. By anticipating and dispelling water damage assumptions and the myths up front, you can sidestep costly losses in the future. In these three videos, learn how automated and simple solutions can prevent or minimize water damage throughout your home.