Mobile devices have made it possible for financial advisors, and professionals in a wide variety of other industries, to seamlessly conduct business and engage with clients in any location, and at any time, outside the office. But while laptops, iPads, and smartphones have enabled advisors to complete work and collaborate with colleagues and clients from home and on the road, these mobile devices can also increase the risk of security breaches if they are not properly secured and monitored.
One misplaced or stolen mobile device, or password, is all it takes for hackers to access clients’ sensitive financial information. Advisory practices whose data is compromised can not only face regulatory scrutiny and fines, but also permanent damage to their reputations which could put their very survival in the industry in jeopardy.
However, advisors don’t need to sacrifice convenience for effective cybersecurity. Below are tips that advisors can follow to make sure all data, documents, and emails on their firm-approved mobile devices are secured against hackers.
1. Implement Multi-Factor Authentication & Other Security Controls on All Mobile Devices
Cyber-criminals, along with the technology systems they seek to infiltrate, are becoming more and more sophisticated. So, needless to say, it shouldn’t be easy for them to figure out a mobile device’s password. Unfortunately, hackers are quite crafty, so advisors need to add an extra layer of protection to their firms’ mobile devices by implementing two-factor authentication. This authentication process requires users to enter a standard password in addition to a one-time code that can’t be entered again when they connect from unrecognizable devices.
Advisors can further secure their firm’s mobile devices by rolling out security controls that enable certain authorized users, as opposed to all practice employees, to access client data. These controls ensure that only select employees can download, copy, forward, or print sensitive information from their devices.