Be Proactive about Cybersecurity

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Your clients are concerned about cybersecurity.

A recent study by Kaspersky Lab, a global cybersecurity firm, found that 65 percent of consumers worry about the cybersecurity practices of companies that have their personal and financial information. And yet the first of three white papers by FPA Research and Practice InstituteTM, “Cybersecurity: Client Perception and Communication,” sponsored by TD Ameritrade Institutional, found that only 11 percent of financial advisers surveyed think clients are “very worried” about this issue.

Regardless of perception how many clients may or may not be worried about cybersecurity issues, cybersecurity risks to advisers and their client are real. The FPA white paper offers the following steps to be more proactive:

  1. Conduct a team meeting. In this meeting, ask employees what their experience has been and whether they’re hearing concern from clients.
  1. Gather data. Find out specifically what clients are concerned about. A survey might help with this. Doing so will help you determine what gaps exist between what your clients are worried about and what you are doing to mitigate their worry.
  1. Decide your role. Determine whether you want to reach out to clients proactively and tell them what your game plan is in case a breach exists, or reach out reactively.
  1. Map out communications plan. Figure out what you’ll say over multiple channels because one form of communication won’t be enough. You’ll need to communicate through emails, blog posts, articles, conference calls, etc.
  1. Focus on consistency. Make sure every staff member is relaying the same message to clients. Ensure all team members understand the issue.

Download the first of three white papers, as well as the full, original study at www.OneFPA.org/cybersecurity.

 

AnaHeadshotAna Trujillo
Associate Editor
Journal of Financial Planning
Denver, Colo.

 

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