This includes doing risk assessments of all vendors that review the nature of any personally identifiable information each vendor stores. Then, based on the risk assessments, firms should only grant access to their systems to vendors whose cybersecurity measures—including how they monitor their own networks, computers and devices and users—are sufficiently robust.

The bottom line is this: Focusing too narrowly on one aspect of your cybersecurity defense system is a recipe for disaster. You never know what angle cybercriminals will come from. To fend them off, develop a holistic picture of your entire organization’s approach to cybersecurity, focusing squarely on where you are most vulnerable to attack and how to take immediate action to close the gaps.

Sid Yenamandra is the co-founder and CEO of Entreda, the leading provider of comprehensive cybersecurity solutions for independent retail financial advice firms and their affiliated advisors.

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