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Seven Cybersecurity Rules for Financial Advisors

Here's how financial advisors can mitigate the risks of cyberattacks, according to Steven Ryder, president of True North Networks.

Cybersecurity was a major theme at this year’s T3 Advisor Conference—and for good reason. Financial services are naturally attractive to criminals. In 2017, the sector experienced the highest volume of cybersecurity laptopsecurity incidents and the third-highest volume of cyberattacks across all industries, according to an IBM security report. The same report found that in 2017, more than 2.9 billion records were leaked from publicly disclosed data incidents and ransomware attacks alone cost companies more than $8 billion around the globe. Steven Ryder, president of True North Networks, presented suggestions for mitigating those risks at the 2019 T3 Advisor Conference.

Many IoT-connected devices were designed with convenience, not security, in mind. Routers tend to have a built-in firewall—don’t bypass it with your IoT devices. Even better, isolate it on your network.

As voicebots continue to increase in popularity, it may be tempting to keep them in your office. If you do, make sure to keep your personal and business bots separate, says Ryder. Other security experts recommend keeping voicebots completely out of the office.

Train employees not to click on things they shouldn’t be clicking on, says Ryder. Regular reviews will help employees avoid making mistakes.

Even if you are expecting an email with a link, consider navigating to the website or link outside of the email.

Use pass phrases to stop credential stuffing, a type of cyberattack that capitalizes on reused usernames and passwords. Consider using a password manager to prevent the reuse of credentials and use multifactor authentication whenever possible.

Intruders can spend hundreds of days on someone’s network, exploring and probing, before they make a move that affects your business, says Ryder. An expert can help prevent intrusion.

“Do not think that your antivirus is a magic bullet, because it isn’t,” says Ryder.

Resouce: https://www.wealthmanagement.com/technology/seven-cybersecurity-rules-financial-advisors/gallery

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