Financial advisors are more likely to be victims of cyberattacks than those in other industries, largely because financial data is extremely valuable to cybercriminals and small businesses tend to have less sophisticated cybersecurity systems in place.
In 2016, 20% of financial firms were affected by data breaches. This increased to 25% in 2017. With the average data breach costing $7 million, protecting personal and financial data must be prioritized in the industry.
While cyberattacks are becoming more frequent and sophisticated, many cybercriminals use simple phishing tactics to take advantage of human errors rather than planning complex attacks. As an advisor, you need to be aware of the most common phishing tactics used, understand how these scams are becoming more complex, and know how to protect your clients' data.
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