As an LA based Registered Investment Advisor there’s a good chance you’re doing as much as you can to protect the sensitive data you handle on a daily basis. From firewalls and paper shredding, to system purges and strong passwords there’s a lot that can be done to ensure that your business’ information never falls into the wrong hands.
However, while all of these measures combined do offer a layer of protection against hackers and data thieves, by themselves, they’re not really enough. After all, the information that your system captures will often total your clients’ livelihoods, and it would be devastating for you (and them), if it were lost.
Encryption is something that is frequently thrown about as the end all be all, but too often it’s little understood. So, what does it entail and how could it benefit your investment firm? Here are a few ways…
Encryption software can protect your data completely
Unlike passwords that can be broken, and firewalls that can be hacked, encryption is virtually impossible to get through if it’s done properly. Encryption is essentially a means to jumble up the contents of sensitive documents, ensuring they’re inaccessible to anyone but those with the key to unencrypt it. While it may seem like a hassle (and while not overly complex to deal with for your run of the mill IT guy), encryption can ensure that your files remain secure even if your system is attacked leaving wannabe hackers with little insight into your operations or your clients’ account details.
Encryption software ensures the safe transmission of files
A decent part of your job probably revolves around sending and receiving files - how else do you keep your clients in the loop, place trades, or receive research? Encryption doesn’t just protect the files that are stored within your computer’s system, but those in transit as well. This means that files sent via the cloud or those emailed across cyber space, will remain secure from anyone not authorized to view them.
Encrypted data cannot be manipulated
Just as encrypted data cannot be read by anyone without the encryption key, it also can’t be manipulated or replicated without you knowing about it. If anyone attempts to break the encryption you would be notified immediately, making it almost impossible for hackers to use encrypted data to disrupt communications.
Above all, encryption software ensures that you remain in control of your data, that you and your clients are the only ones able to view specific documents, and that your business can keep operating without the threat of malicious actions. Data encryption isn’t just a means to protect RIAs, but their clients too. Your clients put all of their trust in you, so make sure you’re earning that trust in every way possible.
If your day job revolves around handling sensitive information, logging financial details, and storing contacts’ data, as it will do if you’re an Investment Advisor, now is the time to consider encryption software. Can you really afford for your business to become the subject of a malicious attack, or for your clients’ records to fall into the wrong hands? Encryption software is proven to protect LA RIAs, and their clients, against some of the most malevolent cyber-attacks going. And while there will always be opportunists and those intent on leaking data, encryption software is one of the best protections you can have to secure your data and information.
Does your firm currently employ any sort of encryption software? Has it gone smoothly or have you run into any speedbumps? Or are you considering implementing it? Please share you thoughts and experiences in the Comment field below.