Cybersecurity can pose a risk in many ways for advisors

Financial advisors may want to consider cybersecurity an important issue on several levels.

While protecting customer data should be a priority, cyberattacks can also affect the investments they make on behalf of their customers. Essentially, some companies may be more vulnerable to costly cyberattacks than others.

“Industries that I think have the most risk [include] Jamil Farshchi, Equifax’s chief information security officer, said at CNBC’s Financial Advisors Summit on Wednesday, said healthcare, energy and manufacturing.

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“Historically, they don’t invest as much and prioritize security as some other industries like financial services or technology,” says Farshchi.

Charles Carmakal, Mandiant CTO, who also spoke at the conference, said part of the way to assess a company’s cyber risk is to look at real-world threats against its industry. surname.

“Not all organizations pose the same threat as others,” Carmakal said. “For example, there are threats unique to healthcare that are very different from those to defense contractors or to government organisations.”

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He also suggests looking at the company’s “security maturity”.

“Many companies that have experienced a major cybersecurity incident tend to be more secure after the fact than an organization that has never experienced a major cybersecurity attack,” Carmakal said.

Both Mandiant and Equifax have been victims of cyberattacks.

The good news for investors is that corporate boardrooms appear to be more focused on cybersecurity than they used to be, Farshchi said.

“People are taking it more seriously,” he said. “As a result, we have more technology and security capable individuals in the boardroom.” Cybersecurity can pose a risk in many ways for advisors

Emma James

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