|
Call Today (913) 396-4600
IT Support Services
View All
Obsessive Support®

The hallmark of the Visory experience, our dedicated team of professionals provides a high degree of support for all your IT needs

Managed Infrastructure

Leading edge solutions that are always working to maintain the integrity of your firm’s IT backbone

Managed Security

Best in class security to protect your firm’s data and technology

We’re here to help. Contact us for a consultation.
Application Hosting
View All
Quickbooks

Take your business to new heights with Visory’s flexible QuickBooks hosting solutions

Sage

The same Sage you work in every day, only better

GoldMine

An affordable CRM for small- and medium-sized businesses, built to support your sales, marketing and customer service needs

Tax

Revolutionize your next tax season with added efficiency and mobility

3rd Party Applications

Access critical applications that are integrated seamlessly into your workflow, conveniently hosted on the same server

Cloud Platforms

Access affordable enterprise-grade hosting solutions with none of the IT burden

Watch your firm grow with the ultimate ease of access, security and flexibility.
Managed Services
View All
Managed Security

We’ll help you develop and implement the right cybersecurity policies and protocols to keep your firm secure and in compliance with regulatory guidance

Managed Infrastructure

We’re here to manage your firm’s IT activity, safeguarding the integrity of your infrastructure and devices, so you don’t have to

Let’s talk about keeping your business and your data secure.
Cybersecurity
View All
Managed Security

We’ll help you develop and implement the right cybersecurity policies and protocols to keep your firm secure and in compliance with regulatory guidance

Zero Trust

Security that ensures everyone granted access is who they claim to be

Awareness Training & Testing

Educate and train your most important last line of defense – your people with Visory and industry-leading KnowBe4.

End Device Protection

Protection where people and their machines intersect

Multifactor Authentication

Secure access to your data with multiple verification checks on identity, reduce the risk of compromise, prevent cyberthreats

No firm is too big or too small for a data breach or a cyberattack. Let’s talk about your security.
Compliance
View All
Tax & Accounting

IRS 4557

Other Businesses

Complying with state and federal privacy regulations and more

Contact us to learn more about how we keep your business safe and in compliance
QB Desktop, QBO

Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy

O365

Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy

Liscio

Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy

Knowbe4

Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy

Sentinel One

Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy

Lorem Ispum Dolor Software CTA

No advisor wants to think a cybersecurity breach could happen to them, but ignoring the possibility only increases the risk of exposure. Unfortunately, the registered investment advisor (RIA) industry is a long way away from being ”cybersecure.“ In fact, the SEC’s office of Compliance Inspections and Examinations (OCIE) found in a sweep exam of RIAs that 74 percent had experienced cyberattacks either directly or indirectly through vendors.

Here are seven of the most common mistakes that advisors make when protecting their firms from unwanted cyberattacks and security breaches.

7. Not Budgeting Appropriately For Cybersecurity

Cybersecurity management requires commitment of time and resources. Unfortunately, many advisors fall short when budgeting for cybersecurity, which increases their firm’s exposure to a potential breach. RIA owners need to consider cybersecurity investments as part of their firm’s larger risk management budget, and as an investment in cost avoidance. Experience has shown that for advisors with some security measures already in place, a good rule of thumb is to consider their annual IT budget, and add on an additional 25 percent for cybersecurity protection—i.e., a business class firewall—in addition to ongoing training and policy management.

6. Delegating Full Cybersecurity / IT Oversight To Employees

RIA owners cannot afford to delegate cybersecurity and IT oversight entirely to their firm’s resident technology expert. Cybersecurity threats are increasingly sophisticated, and the regulatory environment is evolving too. Ultimately, it is the RIA owner’s responsibility when something goes wrong, so owners need checks and balances in place for their own protection.

Firm owners need to monitor how their IT policies and procedures are executed, and whether there are any insider leaks. Cybersecurity mistakes happen because of non-adherence to policy and when no one monitors what is happening. RIA owners need to know who is logging in to what, when and where, in the event of a cybersecurity breach. Employees can manage IT issues and functions, but procedures must be documented.

5. Misunderstanding The Virtues Of The Cloud

One of the biggest mistakes advisors make is overestimating the protection offered by the cloud environment. The cloud can generally offer security for data and documents stored within it, though the level and type of encryption varies by provider.

When information is used outside of the cloud, there are no guarantees. RIA owners should be concerned with how, when and where documents are accessed regardless of where they are stored. Information that is downloaded and used on unsecure, unencrypted devices has the potential to expose the firm to cybersecurity issues once put back to the cloud.

4. Client Service Overrides Client Security

It is natural for advisors to want to help clients with transactional requests that seem to merit an immediate response. But excellent client service also means the RIA has policies that validate these requests to ensure they are legitimate. In its sweep exam of RIAs, OCIE found that almost half reported receiving fraudulent emails seeking to transfer client funds.

Advisors must have procedures for validating email and telephone requests for wire transfers, and for identifying and confirming clients. Clients must also know how the RIA handles these types of inbound requests. For example, a client who has forgotten their account login can be directed to re-register themselves and answer their own security questions, rather than being given a password prompt or other personal information over the telephone.

3.  Poor Password Protocol

Password vaults have emerged as a secure solution for RIAs managing multiple passwords from multiple people using multiple applications, but they are only as secure as the utilization policies implemented by the RIA.

Typically, a password vault uses a master password that allows access to all of the pass cards in the vault. Pass cards hold the authentication credentials to access specific applications, and automatically log the user into their assigned applications. If the users are allowed to create their own pass cards, they will also have the credentials to access the applications without the use of the vault, potentially on unprotected or virus-infected devices, increasing the risk of a breach.

It is more effective for the RIAs to have the security administrator or compliance officer create the pass cards for all employees for all business-based applications. This approach should eliminate the possibility that employees have access to core business applications outside of the password vault and secure devices.

2. Lax Enforcement Of Security Policies

Cybersecurity is as much about enforcement as it is about policy. Strong cybersecurity policies will generally address issues related to device usage, user authentication, the Internet, social media and email. Advisors need to reconsider policies that permit personal devices to be used for business purposes. RIA owners must recognize that when its data can be accessed using any unsecure, unprotected device or application, the firm is exposed to real cybersecurity issues.

For example, a RIA may have an encrypted, password protected email system. But once the firm email is synced to an unprotected device, the email become unsecure and the entire firm is now potentially exposed to malware and phishing viruses.

The issue is often not about storing data or email inside the firm. The increased cybersecurity risk can happen when the information leaves the safe environment and ends up on unprotected personal devices and laptops.

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 wnstillman@rightsize-solutions.com.

INSIGHTS
What We’re Saying
Sep 25th, 2023
Navigating the Future: our Guide to Upcoming SEC Cybersecurity Rules
In our increasingly digital world, cybersecurity has become a top priority for Registered Investment Advisors (RIAs) and financial professionals. As we prepare for the forthcoming
Aug 22nd, 2023
Securing Tomorrow: Embracing Zero Trust in Financial Advisory Cybersecurity
In an age defined by technological progress, the financial industry has embraced digital tools and platforms like never before. This transition, while empowering, has also
Jul 20th, 2023
Beyond Compliance: Unlocking the Benefits of Robust Cybersecurity for RIAs
Undoubtedly, you’ve heard about the new SEC Cybersecurity rules. While being compliant is essential to avoid penalties, regulatory actions, or reputational damage, there are other
Jul 13th, 2023
AI Will Heighten Cybersecurity Risks for RIAs
As technology advances, so do the threats posed by cybercriminals. The wealth management industry in particular is facing amplified risks due to the introduction of
Jun 22nd, 2023
Establishing a Robust Cybersecurity Policy for RIAs
In today’s digital age, Registered Investment Advisors (RIAs) face an ever-increasing risk of cyber threats. As the financial industry becomes more reliant on technology, it
May 31st, 2023
A Functioning Cybersecurity Stack: Ensuring Firm Security and Regulatory Compliance for RIAs
In the realm of investment advisory firms (RIAs), the significance of robust cybersecurity measures cannot be overstated. As businesses navigate the digital landscape, protecting sensitive
Copyright ©2023 Visory. All rights reserved.