- October 19, 2020
- Posted by: Pat Riot
- Categories: CyberSecurity, Finance, Private Wealth, RIA
Just as there are different strategies and styles when investing. These styles follow different patterns reflected in the market. Investors and Advisors use various qualitative and quantitative data to decide whether their advice will be proactive and aggressive or reactive and conservative. Reactive information security allows you to create a deterrence against common attacks. These measures include things like firewalls, password protections, and antivirus/antimalware software. After these measures are deployed, they don’t do anything but wait for an incident to occur. As you will see, traditional reactionary information security is no longer enough to keep your client’s information and your intellectual property secure. A proactive information security approach allows you to pinpoint and correct the vulnerabilities before they can be exploited by criminals. These measures are driven by state-of-the-art machine learning, artificially intelligent software, and are backed by specialized security engineers. Your data is consistently monitored, software is updated, and you receive consistent cyber training. The results save dividends. Just how easy is maturing your information security posture?
Finance is an industry of numbers. You advise clients to make proactive moves in order to increase their portfolios. We are taking the same approach for information security. There is a direct correlation between the number of information security incidents (350% increase in phishing websites from January-March) and the cost of their outcomes (12% increase over 5 years.) Year after year they increase in numbers as well as costs. There is also a direct correlation between the number of audits conducted by the SEC each year (up 137% over last 6 years) and the number of significant findings (up 31%). These correlations show three things. The first, cybercriminals are still acting nefarious. Second, it shows that regulatory bodies are trying to get ahead of cybercriminals. And lastly, how behind many businesses are without even knowing it. While it is important to have proactive and reactive aspects of your cyber posture, taking a holistically proactive approach can not only exponentially reduce the likelihood of an information security incident. But it will also give you confidence for your next audit to handover whatever has been requested and carry on with your day without worry or hesitation.
If you are an RIA or a Private Wealth Advisor and you are motivated to keep your intellectual property and client information safe, have concerns/questions about best practices or feel overwhelmed by the shift toward remote work click here to begin your information security journey. We are more than just computer geeks who are passionate about information security. We are advocates, ones that understand what you are going through. We are not another security provider and we are certainly not “another insurance.” We deliver an entire information security and compliance operations department to augment the existing technology or process you may already have. We have been at information security for over 25 years and it is our passion to simplify the way in which businesses like yourself can become cybersecure.
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