This FINRA tool highlights some of the most common cybersecurity threats that RIAs should be on top of. FINRA explains how cybercriminals use these tactics to target the financial services industry specifically and questions you should ask to know if you’re doing enough to protect your firm and customers.
Specifically, FINRA highlights the following threats:
- Imposter websites
- Phishing
- Customer and Firm Employee Account Takeovers
- Malware
- Ransomware
- Data Breaches
This tool also provides guidance on core cybersecurity controls for RIAs. This is a good starting point and you should work with your IT services provider to ensure that you have these in place, at a minimum. These include recommendations for:
- Governance and Risk Management
- Vendor Management
- Access Controls
- Data Protection
- Technical Controls
- Branch Controls
- Incident Management and Response
- Training
Here’s the direct link to the FINRA Core Cybersecurity Threats and Effective Controls for Small Firms.
The best way to mitigate the risk of these and other cyber threats is to stay ahead of them. If you’d like to learn more about how we protect our RIA clients, you can check out our page on Cybersecurity Service for RIAs.