For LA investment advisors, network security is paramount because data protection is an essential part of any financial transaction.
To comply with applicable regulations and satisfy potential investors, financial advisory firms must be able to demonstrate that company and client data is not readily susceptible to cyber-breaches.
So how secure is your network? The good news is that there are simple and affordable steps to safeguarding corporate data. This article shares strategies that will help you increase your firm’s network security so that all of your transactions can be completed with minimal risk.
All staff members need to come up with more complex passwords and change them every 90 days. Never use easily guessed ones such as ‘Admin1’ or ‘Password’. Some systems prevent users from choosing passwords similar to earlier versions.
Frequent login changes may seem cumbersome, but it provides an added dimension of network security.
Managers and employees need to be reminded not to share login information. At first glance this seems like common sense, but a 2013 Coreo study showed that out of all recent network hacks, 43% were accomplished using information the cyber-thieves received from inside the company.
Writing passwords on a sticky note attached to your computer monitor, having a ‘password’ file stored on your hard drive, and even writing login details in an easily accessible notebook are all practices that should be prohibited.
Have a Backup Plan
Secure backups need to be part of any financial services firm’s IT strategy. If cyber criminals do manage to break into the company network, any damaged or compromised data can be back online as soon as the threat is contained. Best practices dictate that backup data be stored in a remote and secure location.
Implement Network Protection
There are plenty of reputable companies that provide intrusion detection and prevention services, such as firewalls, spam filtering, virus protection, and malware blocking. Many of them specialize in company network security and can compile packages that meet the needs of any business.
Don’t take chances with financial data. Few investors will place their assets with a company that does not have a secure data management plan in place. Improving network security also protects the company’s future.
Does your company pay an acceptable level of attention to network security practices? Let us know your thoughts in the Comments box below.
And to follow-through on the tips introduced in this short article, be sure to download your free guide, Investing in High Net Worth Clients: The LA Investment Advisor's Guide to Using Technology to Manage and Grow Your Firm.