On today’s broadcast, ransomware strikes again, updates on LPL Financial’s automated investment service, and Morningstar releases sustainability ratings for mutual funds.
So get ready, FPPad Bits and Bytes begins now!
This week’s top story covers cybersecurity, as Dan Skiles, president of Shareholders Service Group, urges advisers to rethink their approach to keeping the firm safe from attacks. Skiles’ column is timely for two reasons: First, new ransomware called Locky is making the rounds, as True North Networks shared that they are helping one company restore critical data after getting infected by Locky ransomware.
And second, I don’t know if you heard, but this week the Pentagon, probably one of the most well-defended organizations on Earth, announced their own “Hack the Pentagon” program to pay hackers a bounty for finding vulnerabilities! If the Pentagon needs cybersecurity help, I think think it’s safe to say you probably need it, too.
So, where do you begin? I asked one expert to find out:
[Michelle Jacko] Advisors should begin with conducting a risk assessment, doing an inventory of what their technology uses are. Take a look at vulnerabilities by hiring an IT security specialist. Look at internal controls, develop those policies and procedures, and finally, really concentrate on user awareness training, which often is the beginning of where problems start.
If you want cybersecurity help from an outside partner, I connected with Itegria and Workplace to find out what’s new:
[Robert Madi] Bill, we’re really excited to announce AdvisorGuard which is a cybersecurity specific solution designed exclusively for RIAs. As an expert in the RIA space, ITEGRIA understands how important cybersecurity is for advisors and how top of mind it is. We’re really excited about it and looking forward to making a huge impact in the RIA space.
[Sam Attias] We’ve released new features, a lot of them have to do with auditing, monitoring of what people are doing within our system with all their applications. We can monitor devices, we can also… a new secure sign on that we’ve come out with that has a lot of exciting features, one of them being for all your web-based applications like a Tamarac or an Orion, Salesforce, you can set the logins and passwords for everybody in your firm and they wouldn’t know what they are.
I think it’s safe to say that it’s time to stop kicking the cybersecurity can down the road and engage a provider that can help you protect your firm from attacks. For more information, be sure to head over to fppad.com/181 for the links to this week’s top stories.] Cybersecurity should be on every advisor’s mind. The unfortunate byproduct of advances in technology is that cybercriminals have new opportunities to commit their crimes.
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