With Great Data, Comes Great Responsibility

Digital data privacy and data protection are the biggest concerns when it comes to financial transactions. People put their trust in financial employees to store, transfer, and receive their personal information safely. However, because financial employees obtain all said personal information, it makes them the prime targets for cybercriminals. Cyber-attacks are based solely around getting that information. With it, cybercriminals can steal identities, credit card information, & countless other sensitive data ultimately putting one’s financial future in jeopardy.  

Between compliance regulations and cybercriminals always lurking, financial industries never truly have a resting moment. The most vulnerable part in any company’s network security is its own employees. People aren’t perfect and make mistakes all the time, its normal. A lot of people don’t even know of the risks out there in the cyber world. For instance, early this year there was an attack where 220 websites that had been infected by crypto-mining software which ended up affecting over 500 million users’ devices. The attackers were able to get away with unfathomable amount of private data. 

A couple simple yet affective ways to protect personal client information is to fortify the company’s identity & access management policies and device security (i.e. Endpoint Security) and staying ahead of the curve when it comes to financial threats. According to Executive Perspectives, “cyber threats” and “information security” were amongst the biggest concerns for the financial sector in 2019.  

Identity & access management is a set of polices set in place to ensure that authorized users are accessing authorized devices. A couple of examples of some Identity & Access Management policies are things such as Multifactor-Authentication and access controlling features to check and balance who can access what information. Resulting in increased security and reduced risks.  

Device security, also known as Endpoint Security, is another essential step in protecting data privacy. Endpoint devices such as laptops, tablets, servers, etc., are the main entry points for cybercriminals. If a cybercriminal gains access to an employee’s devices, that criminal can now obtain all personal information on every client on that device. With proper Endpoint Security that provides detection & response, all devices connected to the company’s network can be secure from any location. Endpoint security constantly tracks and observes user behaviors and detects & responds accordingly when a user is misbehaving. Allowing a company to resolve an issue before it can create any negative consequences.   

Protecting client data & privacy is one of the most important aspects of the financial industry. The amount of information and data financial companies obtain from individuals is very sensitive and important to their future. Therefore, all financial companies need to stay up to date on all the latest cyber threats that could potentially affect their clients. Because after all, with great data, comes great responsibility.  

 If you are worried about your company’s vulnerability to cyber-attacks or just want more information about CyberSecurity and how it impacts CPAs or Private Wealth, we are more than happy to talk! Feel free to call at 855.578.7272 or email [email protected]

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