Why Wealth Managers Should Celebrate Stalemates in the Never-Ending Cybersecurity Battle
By Justin Mack
New research released by Financial Planning sister publication American Banker and conducted by parent company Arizent finds that banks and credit unions continue to identify cybersecurity threats and fraud as the greatest challenges to their digital banking strategies.
When asked about the findings, Brian Edelman, Cybersecurity Expert & FCI CEO stressed the importance of financial firms having a strong cyber plan in place. As firm’s look to bulk up their digital defenses, Edelman said every valuable cybersecurity discussion should revolve around four important questions:
- Are you familiar with the person managing your company’s cybersecurity program?
- Could you verify if your organization has an ongoing cybersecurity strategy?
- Does your organization implement a vendor management program?
- Is there a procedure in place for incident management?
When asking these questions in your firm, he said the possible answers are “Yes,” “No,” and “Yes, and I can provide evidence to support my answer.” Edelman added that the third option — yes with evidence is the only right answer “because if a breach takes place and regulators come searching for clarity, a yes without evidence is as good as a no.”
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Read the complete Financial Planning article: https://www.financial-planning.com/news/cybersecurity-stalemate-might-be-best-hope-for-wealth-management
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