Cybersecurity for Wealth Management Firms: Are You Tailoring Security for Your Specific Risks?

Over the past few years, there are various reports of banks and financial firms experiencing a huge number of security breaches. On average, a company that deals with financial services faces 85 to 90 attacks every year, and at least one out of three succeeds.

A Cybersecurity breach is a serious problem faced by every organization. Even though financial firms and companies try their best to keep these attacks at a minimum, success rates of cyber-criminals have begun to increase, and this has become a threat to the world of finances.

This is when the importance of new-age banking training arises. It is crucial for everyone to be well-versed with techniques to avoid such incidents. However, because of a lack of proper training, bank and financial firm employees are unaware of different ways to deal with such situations.

What Are the Biggest Threats Faced by Wealth Management Firms?
There are plenty of different ways cyber criminals try to lure their targets or breach cybersecurity in an organization. Here are a few ways you should know-

  1. Phishing Emails, And Phone Calls

Cybercriminals use the tactic of sending phishing emails and phone calls to people to get information. This is one of the most commonly used strategies with the highest success rates. Any individual may get emails from such people that may look legit and fall into their trap by replying to the same with confidential information.

The cybercriminals also act as individuals willing to take services from wealth management firms and make phone calls to gather information. Such phishing calls can lead to huge data extortion and a breach of cybersecurity.

  1. Malware and Viruses 

Using malware and viruses, cybercriminals attempt to get into a firm’s information drive and steal data. These viruses are sent in links through emails or documents. When someone clicks on those links and opens them, the malware gets activated.

For smaller organizations, the goal is to collect data. However, for a wealth management organization, the reward is huge.

What Can You Do to Educate Your Employees?
As an organization, to avoid such cyber-attacks, there are a few things you should do. Apart from asking your employees to take up new-age banking courses from reliable institutes like Imarticus Learning, you can also educate them in the office. Here’s how –

  1. Educate your employees about the importance of cybersecurity. Teach them the basics of cybersecurity through new-age banking training classes and workshops.
  2. Take help from a reliable IT service provider. Once you know your potential attack surface and its various risks, improve your network security.
  3. Keep an eye on your network activity.
  4. Use various policies like secure passwords and the use of VPN tools to minimize any mobile device risks and casualties.
  5. Enforce proper and practical policies in your network, users, and devices. With the help of a reliable IT team, you can configure them in a way that can impose automatic compliance.

Importance of New Age Banking Training 
The new-age banking training has become very important for anyone who wishes to take up a career in the world of finances. These training sessions will not only help you shape your career as an impeccable wealth management advisor but will also help you learn various ways to combat cybersecurity attacks.

With the help of institutes like Imarticus Learning, now you can take up such new-age banking courses and learn various important lessons. The institute is a prominent one in the market for providing varieties of courses in machine learning, data mining, as well as data science, among many others.

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