Is your wealth management adviser security-aware?
Being cyber security aware and ensuring that your financial adviser is too has never been more important.
Current cyber crime attempts targeting financial transactions have rocketed during the coronavirus pandemic. High net worth individuals are often the target but it is advisable that everyone tries to protect themselves.
Cyber security protocols are paramount for financial institutions. Any company engaging in finance and monetary transactions should be observing best practices. We offer expert wealth management services and educate our clients about any cyber security risks.
There are a number of best practices to minimise the risks of cyber attacks, protect your sensitive information and address current cybercrime techniques. Here are just a few ways to be more secure and protect yourself:
WPA2 security protocol
Ensure your WiFi network is password-protected to stop easy access. By selecting the WPA2 security protocol your routers and the devices connected to your network will be secure. Smart devices like doorbells are often overlooked so check that all of the devices are included.
Cyber security protection
Install high quality Cyber security protection and keep this updated routinely. There are many free anti-virus, anti-spam and firewall software providers for your desktops, laptops and mobile devices. Security flaws will be highlighted by regularly completing software updates.
Using Passphrases with unrelated words is better practice than utilising passwords which typically have a shorter mix of symbols and letters. Many people use the same or similar passwords for multiple accounts which are very high risk. The additional length of passphrases makes it harder to crack and easier for you to remember. Three-factor authentication is advisable for any financial business along with a password vault.
Password managers, like LastPass, simplify your online life by generating encrypted, suitably long and complex passphrases and enable you to clear your browser password history. CISOs, security experts and ethical hackers all recommend that we use password managers. However, you should ensure that your password vault is secure with a master passphrase.
Be aware of the possibility of App scams and careful not to download from unofficial websites. Apps are pre-checked for safety by Apple and Android Play Stores.
Be vigilant when inputting addresses in your browser bar and ensure it continues to match the details you inputted. Web traffic “Pharming” sends the user to fraudulent websites so pay attention to web addresses and subdomains as your information can be harvested for theft and fraud. The differences in browser searches may be subtle such as a single letter or number difference. A padlock or lock icon displayed indicates that communications between the web server and browser are encrypted.
Adopt multiple layered defence in depth security
By screening all bulk mailing you will address email “phishing” and “spear-phishing” attacks. Prevent phishing by proactively blocking malicious domains and user access where the senders fraudulently try to divulge personal and sensitive financial information or encourage you to click unsafe links/attachments. It is best practice to not open any links/attachments from senders even when they purport to be from a reputable company. You can, however, hover over the link to check the URL details. Malicious documents may also be stored on legitimate sites like Dropbox, OneDrive or Google Drive. “Whaling” email frauds are when the sender impersonates senior executives with the intention of authorising a fund transfer or extracting financial information.
Capital Associates Financial Planning Specialists are fully aware of cyber security threats. We are highly talented and happy to assist with the following services: