If your firm’s SaaS provider doesn’t follow state-of-the-art security measures, then you are placing your practice and your clients at serious risk.
In our digital age, most wealth management firms have embraced cloud-based — a.k.a. “software as a service” (SaaS) — technology solutions for their practices. But as SaaS applications and platforms continue to overtake traditional licensed software as the tools of choice for the wealth management industry, financial advisors looking to make the transition to the cloud should proceed carefully.
Given the significant repercussions that wealth management firms can face after a data breach, such as loss of clients, regulatory fines and permanent damage to their reputations, they need to perform extensive due diligence on potential SaaS vendors to make sure client data will not be compromised. If your firm’s SaaS provider doesn’t follow state-of-the-art security measures, or if the companies it contracts with are vulnerable, then you are placing your practice and your clients at serious risk.
Comments are closed.