There are also seamless solutions offered by firms that allow encrypted e-mail to land directly in a client’s inbox, while others require clients to access encrypted e-mails through a portal. Either way, clients can view the e-mail securely, even on mobile devices. RIAs can also add a level of security to encrypted e-mails and attachments so they can be in “view only” mode—in other words, the e-mail cannot be forwarded, copied, saved or printed.
E-mail archiving is also relatively inexpensive next to texting and client portals. The cost can vary widely, though, landing anywhere from $20 to $6 to archive a mailbox, so it pays for RIAs to shop around.
When it comes to data encryption, the hard part for most advisors is making the leap from convenience to security. Since the OCIE has made data encryption a necessity, for RIAs it is not a question of “if” but “how” to best protect a client’s personal data and other sensitive information. Advisors who dismiss the real possibility of client and firm data hacks are making a misstep that could have significant ramifications.
Wes Stillman is the chief executive officer of RightSize Solutions, a provider of cybersecurity and technology management services for wealth management firms. He can be reached at [email protected].