In 2013, the number of security breaches increased by 62 percent, which left more than 552 million identities exposed. (Symantec.com)
It seems the more convenient the access to our personal information, the greater the risk to its integrity. These days, it’s less about if – and more about when – a security breach will happen. This is the modern-day mindset to addressing cybercrime in the financial services industry: assuming the attack is going to happen and preparing a response for when it does.
At first glance, this might communicate a gloom-and-doom position to the general public; however, financial services firms must face the reality that cybercrime will continue to grow, in order to protect the privacy of its customers.
“The number of cyberattacks should increase for firms as their information security systems become more sophisticated, because it means they are catching more problems,” said David Wagner, president of software firm Entrust.
Guidant Wealth Leverages Large Firm Resources
Here at Guidant Wealth Advisors, we’ve already taken steps to improve the security of clients’ personal and financial information. In addition to completing more stringent SEC compliance, our team has also developed additional security measures to safeguard personal data, most notably the migration of our email hosting to LPL’s secure servers.
One of the benefits of having LPL Financial in our corner as our chosen broker/dealer is we have a behemoth of the financial services industry from whom we can leverage far greater cyber security than we could on our own. The extra step required to retrieve secure email messages through LPL’s hosting service may take a few extra clicks of the mouse, but considering the cost, aggravation, and damage of compromised personal information, those extra seconds are well worth it.
Going forward, the ability to address cybercrime in financial services will depend on the number of resources available to individual firms. What will most likely develop are dedicated groups for the prevention, detection, and response to security threats. This refined approach will cast an even wider net over criminals who are lurking around every byte of financial data.