1. Low Cybersecurity Awareness
The number one cybersecurity mistake advisors make is to assume that everyone knows what the threats are and how to protect the firm. Unless firm owners are working actively to create a culture of cybersecurity awareness, this is never the case.
RIA owners can elevate the level of cybersecurity awareness in their existing culture by leading through example with ongoing verbal, written and electronic reminders. RIA management should budget time in meetings to address these issues and consider having outside consultants come in for occasional briefings, training or updates.
Where's the data?
Cybersecurity is not something RIAs can afford to address once in a policy handout and never revisit. RIA owners need to keep cybersecurity management at the forefront by continually asking themselves, "Where's the data?" Even if information is safe when stored, and safe in transmission, the firm may still be at risk if its data is being used on unprotected, unsecure devices.
Wes Stillman is CEO of RightSize Solutions, a provider of intelligent cloud technology and business management solutions for advisors. He can be reached at [email protected].