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Solving the cyber security riddle for wealth management firms

July 08, 2019 / Business Matters

It seems sensible that the higher the value of an item, the better protected it will be.  Yet, when it comes to personal wealth management, this traditional logic does not always hold true. Why pretend you are a Nigerian Prince to thousands when you could enjoy a bigger jackpot by pretending to a single Blue-Chip CEO that you are a senior contact in her finance department? Or, more disquietingly, by pretending to a high-net worth client that you are their personal wealth manager? What kind of pay dirt could a malicious actor win then? The Wealth Manager’s Riddle 78 per cent of small businesses and 92 per cent of mid-sized businesses say cyber security is a priority for them.  Yet, this falls to 60 per cent when it comes to wealth management firms. Only 43 per cent of wealth managers say they are concerned about the potential effect of a data breach on their company’s brand.  This research has left GlobalData concluding wealth managers’ attitude to cyber...