How Financial Advisors Should Prepare for Cyberattacks

Financial firms and their advisors are prime targets for cybercrime due to firms and employees managing their clients’ money and personal data. It’s estimated that financial advisors manage over $4.7 trillion in assets and this number is expected to grow by over a trillion dollars into 2022. In addition, the financial sector is always one of the highest ranked industries in terms of security breach numbers. In order to secure a highly targeted industry like finance, experts have a few tips.
First they suggest that when looking to work with a financial advisor, you should ask them several questions pertaining to how they protect data, what cybersecurity measures they already take, and how they would handle a cybersecurity incident. Questions like these can give you a good picture of how secure the financial firm will be with managing your information and money. It’s also crucial to ask for proof of security precautions to confirm financial advisors are really taking all of the required security steps. As hackers become more elaborate in their attempts to steal information, cybersecurity officials warn to stay alert for anything that might look even slightly suspicious.
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