- June 8, 2020
- Posted by: Pat Riot
- Categories: CPA, CyberSecurity, Endpoint Security, Finance, Private Wealth
Every large Financial company has some form of cyber protection set in place. So, why don’t the smaller firms? The notion that small firms aren’t a target for cybercriminals because their accounts & investors are too small, and their data isn’t important is a dangerous myth that has plagued SMB’s in the financial industry for years. The truth is, 43% of cyber-attacks target smaller CPAs and Private Wealth Advisors are targeted because they believe they do not have the resources to acquire sound cybersecurity. Unfortunately, this mindset by CPA and Private Wealth firms are exactly what makes them the prime target for cybercriminals. We at Steel Patriot Partners, do not believe this to be true. Due to the lack of knowledge, resources, and emphasis on cybersecurity, a lot of CPA and Private Wealth firms fail to realize just how vulnerable their data truly is. What’s even worse, is that the types of attacks that are used are simple for the criminal to initiate. With this lack of cybersecurity knowledge and the shift to a remote workforce, there is a perfect storm creating for cybercriminals to thrive in making Endpoint Security and cybersecurity imperative to any financial institution, big and small.
In years past, hackers would just go directly to the network and try and extract information. Now, hackers don’t even have to go that far. Cyber-attacks have shifted the focus to actual physical devices connected to a company network known as Endpoints. Devices such as computers, laptops, tablets, and just about anything else that can be connected to a server is considered an endpoint device and are all at risk for cyber threats. The reason hackers are starting to aim towards physical devices is because it is exponentially easier to gain access to an employee laptop than it is a company server. And, if the right (or in the company’s case, the wrong) employee gets hacked, then said hacker can gain access to virtually any information said employee had access to. Unfortunately, traditional anti-virus/malware software’s have ultimately become obsolete and cyber-attacks have evolved way past effects of traditional anti-viruses and are not enough to protect a single device.
So, why should the financial industry be concerned about the security of their devices and the data on them? Take Certified Public Accountants and Private Wealth Advisors as an example. These industries obtain so much personal and sensitive information of their clients on their devices it makes these devices the number one point of entry for cyber-attacks. Not having these devices protected means all client data such as: Personal Information, Health & Financial records, and Employer Information, are at a major risk. If any data breach were to happen, all client relationships would be put in sever jeopardy let alone the financial compliance frameworks they have to ad her to.
Proper endpoint security provides detection and response gives a unique capability for businesses looking to enhance their security posture. Instead of being reactive to threats, like in the traditional cybersecurity space.
Here, at Steel Patriot Partners, we can assist you with your cyber needs. Please reach out to us if you ever have any question or concerns about your company’s cybersecurity. We would be more than happy to work through this process with you and create a safe and reliable work environment. You can reach us at, [email protected] or give us a call at 855.578.7272!