Some of the cybersecurity best practices for advisors are smart moves for consumers, too.
“Don’t make the mistake of thinking of [cybersecurity] as a technology thing. It’s not,” Adam Moseley, managing director of Schwab Business Consulting and Education at Charles Schwab, told advisors Tuesday at Schwab IMPACT 2017 in Chicago.
Much of protecting yourself is about behaviour and education, he said. (See the infographic below for tips.)
Advisors are right to be worried about cybersecurity. The broader financial services sector has been attacked more than any other industry, according to the 2017 IBM X-Force Intelligence Index.
The number of attacks on financial services companies rose 29 percent in 2016, to a total 1,684, according to IBM. Over the same period, the number of records breached jumped 937 percent, to 200 million from roughly 20 million — ranking the financial services industry third in a number of records compromised.
“It is no longer a matter of if, but when, you’re going to be compromised,” Moseley said.
Advisors and consumers can both benefit from improvement in these areas:
“I don’t think there’s a single greater threat to your organizations outside of email,” Moseley said. “We don’t hesitate to click a link, to open an attachment.”
Ransomware, malicious links, social engineering and other common scams all come in via email, he explained.