Cybersecurity is critical for modern organizations but even more so for RIAs and other financial services providers. Not only do you have to steer clear of opportunistic cybercriminals, but you must also proactively comply with the increasingly stringent requirements of both the US Securities and Exchange Commission and the Financial Industry Regulatory Authority when it comes to protecting valuable data.
Fortunately, there are plenty of solutions that you can tap into to mitigate cybersecurity risks and increase the security of the sensitive information you handle. One of these security solutions is endpoint security.
The importance of managing and securing endpoints
Your RIA probably has a mix of office-based, remote, and hybrid workers who are using their personal and office-issued devices to work from anywhere. Although this practice increases work flexibility, failing to implement proper endpoint protections poses substantial security risks.
Using unsecured endpoints, even if it’s just to send an email or to access sensitive business information, leaves your RIA’s data vulnerable to theft and other cyberthreats. This is especially dangerous considering that cybercriminals often start with the weakest link in the security chain: the end users.
Having a centrally managed endpoint security system is a great defense against a wide array of threats and advanced targeted attacks.
What is endpoint security?
Endpoint security protects the data and workflows stored in or used by all the desktops, laptops, mobile devices, and other remote computing devices that connect to your network. It is achieved by using endpoint protection technologies — such as antivirus software, data encryption, intrusion prevention, and data loss prevention — to detect and stop a variety of threats before they even enter a network.
Implementing endpoint security often involves deploying an endpoint protection platform (EPP) on end-user devices. Doing so allows your IT services provider to remotely control security for every device from a centralized console. From there, they can roll out updates, authenticate login attempts, block unsafe or unauthorized apps, and encrypt data on individual devices to prevent data loss.
Related reading: Hiring an IT Services Company for your RIA? Here are the things you should know.
What are the benefits of endpoint security?
Aside from protecting end-user devices, endpoint security provides a host of other benefits:
- Increased visibility – With a next-gen EPP, your IT services provider can discover all of the devices connecting to your network and, consequently, address potential vulnerabilities before cybercriminals can exploit them.
- Cost savings – Endpoint security proactively prevents cyberattacks, which keeps you from spending on remediation efforts and other related expenses. It also aids in device performance, which can translate to greater productivity and even bigger cost savings.
- Time savings – Using an endpoint security solution streamlines the management and prevention of online threats, which frees up your staff to focus on core business objectives.
- Better compliance – Many industries are governed by data privacy and security regulations. Financial services providers, especially, require special precautions to ensure the safety and integrity of private client information and valuable business data and protect against fraud.
It’s crucial to manage and secure all the devices used by your employees for work-related matters. Fortunately, with the right combination of endpoint protection tools, your IT services provider can manage endpoints using an approach that’s right for your RIA. For example, they can implement multifactor authentication to validate user identities and grant access to particular apps, like their emails or Microsoft Teams.
Your IT services provider can also choose to take full control over company-issued devices. For example, from the centralized dashboard of your EPP, they can set password and PIN requirements, establish a secure connection via a virtual private network, install security software, and do much more to protect your RIA’s endpoints.
Improving endpoint security not only secures your RIA but also enables your team to communicate and collaborate effectively and improve productivity across the board. Contact us today!