Stop a Data Disaster Before It Strikes: Protect Sensitive Client Data Today!

In the first quarter, wealth management firms face a perfect storm of increased activity and heightened cybersecurity risks. Financial planning for the new year, tax preparation, and retirement contributions all require a higher volume of sensitive client data being shared across various platforms. At the same time, cybercriminals are actively exploiting these activities, using phishing scams and sophisticated attacks to target firms and their clients.

Real Risks to Wealth Management Firms:

• Phishing Scams: Fraudulent emails posing as tax or investment updates trick employees into revealing sensitive information.
• Data Interception: Unsecured file sharing for tax preparation exposes client data to potential breaches.
• Unauthorized Access: Weak access controls can lead to fraudulent transactions or fund transfers.

The stakes couldn’t be higher. A single breach can result in regulatory fines, loss of client trust, and significant financial losses. By addressing these risks head-on, you can ensure your firm remains a trusted partner in your clients’ financial success.

65% of cyberattacks in wealth management come from phishing scams.

$4.24 million average cost of a data breach in financial services.

40% of firms fail to use encrypted communication for sensitive documents.

Visory’s Tailored Cybersecurity Solutions for Wealth Management Firms

We understand the unique challenges faced by wealth management firms during Q1, and we’ve designed solutions to protect your clients and your business.

Secure Communication Channels: Use encrypted email systems and secure client portals for sharing sensitive documents and prevent data interception during tax preparations or retirement contribution reviews.

Phishing Protection: Advanced email filtering tools that detect and block fraudulent attempts before they reach your employees and training sessions for your team to identify phishing scams and respond effectively.

Access Control Policies: Implement Multifactor Authentication (MFA) to ensure only authorized personnel can access sensitive accounts and role-based access ensures temporary staff and external collaborators only see what they need.

Real-Time Monitoring: Monitor client accounts for unusual activity, such as unauthorized fund transfers or access from unknown devices coupled with immediate alerts for suspicious activity to mitigate potential damage.

Regulatory Compliance Support: Ensure your firm meets stringent compliance requirements, including Written Information Security Policy regulations; stay audit-ready with a system built to protect client data and adhere to best practices.

Why Choose Visory?

• Proactive protection ensures you address risks before they escalate into disasters.
• Solutions designed specifically for wealth management firms, ensuring relevance and effectiveness.
• Trusted by firms across the financial industry to safeguard sensitive client information.