But information security goes beyond just outside threats. You are equally liable if some junior analyst downloads client information and sells or distributes it. To protect yourself, you are going to have to do what the intelligence agencies do—compartmentalize. Only those people with a need to access information will be able to do so, and any downloads will be closely monitored.

The “we are one big happy family that shares everything” approach to running your business is over. Is it just me, or when you hear the term “WannaCry,” are the Bee Gees in the background singing “Stayin’ Alive”?

Mark P. Hurley is the CEO of Fiduciary Network.

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