The cybersecurity war is one that wealth managers can't possibly win. But that's OK, because experts say winning isn't really an option regardless of the industry you're in.
Well, at least not winning in the traditional sense. That's because attackers spend most of their time in the shadows. So it's often difficult to know when your efforts are keeping them at bay.
Instead, insiders like John Cataldo of Integrated Partners and Brian Edelman of FCI say there is a lot of value in celebrating stalemates. It's all about balancing our growing reliance on technology to get things done and pursuing the latest innovations with a safety-first mindset.
And as the ongoing MOVEit cybersecurity breach that has impacted more than 160 entities including the U.S. government has shown us, vendor management is a major component of a solid plan.
Pros like Vikram Chugh of Robertson Stephens and Tiffany Magri of Smarsh say tackling that starts with asking the right questions as you welcome new partners into your extended firm family. And then asking them again.
There is a lot to keep in mind. But as you fight the good fight, remember, not winning isn't the same as losing.
To learn more about how wealth managers should approach cybersecurity in the current environment, check out the full story at Financial Planning.
Anything else on your mind? Drop me a line at [email protected]. Have a great weekend!
Regards,
Justin

Commonwealth, Stifel and Raymond James get top advisor satisfaction grades, dethroning Edward Jones

By Tobias Salinger

J.D. Power's latest study used a different scaling method that brought down scores across the industry among 15 major firms examined in the firm's annual poll. Read story →

JPMorgan Chase using advanced AI to detect fraud

By Penny Crosman 5 min read

One area of focus for the bank is using advanced artificial intelligence to detect business-email compromise. The payment messaging network Swift and online gambling host Caesars are also using AI to stop people from gaming their systems. Read story →

Despite 237% M&A surge, half of deals go up in smoke, Fidelity says

By Justin L. Mack

Deals are bigger, quicker and more common. But buyers say valuation expectations often cause them to leave the table. Read story →

Revolut launches robo-advisor for U.S. investors

By Justin L. Mack 3 min read

The automated investment service is the latest offering from the U.K. challenger bank as it works to break into non-European markets. Read story →