Consider cybersecurity insurance as well. This will cover you in the event of a lawsuit and help you recoup some of the financial losses after a breach. It will also give you a competitive advantage: Only 9 percent of financial advisors currently guarantee that they’ll protect clients in cyber-related issues.
While Morgan Stanley’s security breach might leave a permanent scar on its reputation, your firm can avoid a similar fate. Don’t take internal threats lightly. Limit access to your clients’ valuable information, and you’ll protect your clients -- and your bottom line -- from the costly consequences.
Tom Smith is the VP of business development and strategy for CloudEntr by Gemalto, where he is helping to define and execute Gemalto’s identity and access initiatives in the cloud. Tom has over 30 years of experience with security, mobile, and cloud technologies, including founding executive roles at four technology companies. Read more about keeping client data safe on the CloudEntr Cloud Security Blog.