ETF Trends
ETF Trends

By Justin Kapahi via Iris.xyz

After witnessing massive cybersecurity breaches at companies such as Adobe, Target, Home Depot, Sony, Experian and JPMorgan over the past four years, wealth management firms, like members of many other industries, have ramped up efforts to protect sensitive client information from hackers.

I work with financial advisors, family offices, broker-dealers and asset managers across the U.S. to create cybersecurity and IT solutions that meet their business and compliance needs, and based on what I have seen, many wealth managers do have solid cybersecurity measures in place.

The problem isn’t that they don’t have a cybersecurity plan—the problem is that not every staff member follows all the steps in the cybersecurity plan, or even knows to do so. This is important, because during SEC regulatory audits, the examiner doesn’t just want to see that you have all the necessary tools to protect sensitive financial information. They also want to make sure you and all your team members actually know how to use them, and regularly test them.

Below are three tips on best practices for enhancing your firm’s cybersecurity readiness to protect your clients’ sensitive financial data as the threat of cyber-attacks continues to increase.

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