The 5 Step Plan to Prepare and Protect Your Financial Planning and Wealth Management Firm From Cyber Crime
- 4th May 2021
- Posted by: Mark Dodds
- Category: Business, Financial Services, Growth, Professional Services, ransomware, Security, Strategy, Technology
Working with a number of businesses in the financial sector, we know how important secure and resilient your tech needs to be…
The nature of your business means that you’ll retain very sensitive client data. Therefore, the onus falls on you not to just protect your own critical data, but the financial and personal records of your customers, too.
It’s a big responsibility. Get it wrong, and the damage it could do to your reputation doesn’t bear thinking about.
It’s not just the financial impact..
..there’s also the damage done to your reputation. This can’t always be recovered with money.
Given the type of data you probably store for clients, can you imagine having to pick up the phone and tell them it has ended up in the wrong hands and might be for sale on the dark web? It doesn’t bear thinking about, does it?
You’re regulated by the FCA, and they’re acutely aware of the challenges surrounding cyber-crime in this industry. That’s why they want you to invest in training, keep tabs on third parties, and be aware of your vulnerabilities.
They’ve got a point, too, because 92% of businesses say that data breaches have an enormous impact on their performance.
You need a plan..
Financial planning and wealth management firms who don’t have a plan in place should really put it at the top of their agenda because the more prepared they are in the way of security, protection, and information, the safer and more secure they can keep their data. Also, the sooner they can identify and respond to a data breach, it can be easier and less costly to recover from.
We’ve just created a brand new guide that outlines our recommended 5 step plan to prepare for an attack, and protect your business.