Another scam—altering the destination details of an asset transfer requested via email—also seems to be on the rise, according to Patrick Hennessey, Schwab’s director of technology consulting. This can occur when one party's email account has been compromised and can result in cyber theft.
Hennessey said that now more than ever "cybercriminals are looking to exploit the changing environment." He recommends that advisors verify not only the authenticity of such requests, but also destination details laid out in emails.
Clients should also be instructed to review wire instructions or other disbursement details to make sure that requests reflect the desired instructions and that funds will reach the intended destination, Hennessey said.
You should also consider updating your devices, especially if equipment has been left in the office for the past 19 months of pandemic shut down, unused. Such “devices may not have been scanned, updated, or patched. Make sure that the latest security updates have been applied to the operating system and all applications,” Schwab said.
Scanning equipment for added software is another frontline defense against cybercrime. “If your devices are not locked down to prevent users from installing new programs, they may now contain unauthorized applications and software,” Schwab said.
A planned office reopening is a key time to ensure equipment is scanned for rogue apps and that all such software is removed before allowing users to connect to your business network, Schwab said.
“Once all of your devices are clean, take steps to prevent this from happening again. Reserve the right to install new software for the appropriate administrators at your firm,” Schwab said.
With a return to the office looming, it may also be a good time to strategically strategically take formal inventory of all the computer equipment and accessory purchases your firm needed to make when the pandemic hit.
“We know that many advisors needed to purchase additional hardware to facilitate new work-from-home setups. Add those new laptops, webcams, and mobile devices to your hardware inventory,” Schwab said.
If your firm added any new third-party vendors or cloud-based platforms, it’s important to add them to your firm’s inventory as well.
“This time around, we have room to be a bit more deliberate and thoughtful in our transition—but there is still much to consider to ensure the resilience of your firm and the well-being of your people. Incorporate these practices into your return-to-office plan to lighten the load as it relates to cybersecurity,” Schwab said.