Financial advisors need to put cybersecurity plans to the test

As advisory firms face risks of phishing, ransomware, email viruses and other targets, there’s one key way for them to know if they’re prepared: Put their systems to the test.

• Top-ranking firms are adding technology and insurance to protect their businesses from such events, and training employees to spot the risks.

• Having detailed strategies not only help firms stay in good standing with regulators but also gives them a blueprint of what to do if a breach ever occurs.

Just in the past month, Scott Van Den Berg, president of Century Management Financial Advisors, has added cybersecurity to the firm’s insurance coverage.

Now, in the event there is some kind of breach, the insurance company will help send a team to the office, have bitcoin accounts at the ready in the event of ransomware attacks and help to notify clients according to of the event in accordance with regulatory requirements. MORE