CyberHUB
Cyber threats – Current response from financial professionals
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CoreData’s Future of Advice research presented at this year’s Conexus Financials’ Licensee Summit, highlights the growing importance of cybersecurity and advice technology for financial advisers in Australia, rating them both in the top five areas in which advisers are looking for support.
The research noted over the past 12 months, support for cybersecurity grew in importance for financial professionals, increasing from 64% to 71% while advice technology grew from 69% to 71%.
Email compromise and financial advice
Despite this, many believe financial professionals have not acted fast enough to make the most of the appetite for change and the tail winds provided by government websites, cyber campaigns and media coverage which has created increased greater awareness of cyber threats.
“Greater scrutiny by the Regulator, an increase in cyber incidents and good customer care are all good reasons for financial professionals to get on the front foot and take proactive steps to ensure the security of their data for both their businesses and their clients,” said Peter McCarthy, Founder and Director, myprosperity.
HUB24 Executive Group Strategy Greg Hansen agrees: “Financial advice needs to catch up and needs to be more mobile-based, and client portals like myprosperity facilitate that.”
He uses the analogy of organizing a holiday these days which can all be done on your phone, compared to more than a decade ago where it was done via a travel agent who provided a printed-out itinerary.
“[Client portals] are an amazing piece of technology to facilitate intergenerational wealth transfer because of their collaborative nature, but secondly because of the way people experience wealth.”
How is productivity impacted by client portals?
To watch the full video from this event on how technology is shaping advice, click here.
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Cyber resilience and its application
Over the past decade, Government and regulators have built a framework of governance for businesses to provide them with a structured approach to cyber-incidents and accountability.
Dive into the conversation
The rise of cybercrime
Cybercrime involves activities such as compromising emails and online banking fraud, which according to the Australian Government’s Australian Signals Directorate (ASD), currently make up the top three cybercrime types for business.
The Regulator’s stance on cyber
Although the Australian Investment and Securities Commission’s (ASICs) does not prescribe technical standards on cybersecurity, there is an expectation for licensees to address cyber risk as part of their AFS licence obligations, including risk management.
Mandating cyber change – A case study
With cyber now listed as a major risk for the company, client portals have enabled Centrepoint Alliance’s adviser network to meet its mandated cyber standard and to facilitate client engagement and security.
Letter box versus inbox – security does differ
Two decades ago, important documents were sent in the mail and stayed in our letter box until we collected it, but this has been replaced with email and cluttered inboxes, leaving it prone to cyber security threats.
Cyber threats – Current response from financial professionals
Despite financial professional’s concern over cyberthreats, most have not acted fast enough and taken advantage of the appetite for change and the tail winds provided by government websites, cyber campaigns and media coverage.
Cyber resilience and its application
Over the past decade, Government and regulators have built a framework of governance for businesses to provide them with a structured approach to cyber-incidents and accountability.
Cyber security quick wins – Tips and techniques
Developing a cyber risk management plan takes some time, but there are some strategies that financial professionals can put in place while it does this, including multi-factor authentication and protecting domain names.
Trends from the US – What does this mean for your business?
Research in the US by Adviser 360 has found advice businesses that fail to invest in technology solutions to be more productive and better able to satisfy their clients, run the risk of being left behind.
How does your digital client experience stack up
Consolidated logins where customers use one login to access a range of services is now the norm and they have become a common way for people to engage with their service providers, setting the standard on client experience.
It’s time to transition to client portals – A case study
With cyber now listed as a major risk for the company, client portals have enabled Centrepoint Alliance’s adviser network to meet its mandated cyber standard and to facilitate client engagement and security.
Imagine the possibilities – Key benefits of client portals
Client portals are fast emerging as a core capability in nurturing safe and secure collaboration between clients and their financial professionals.
Whole of wealth approach with client portals – A case study
An early adopter of client portals, Sherlock Wealth’s Owner and CEO, Andrew Sherlock, said it’s an integral piece of technology that his business uses with many of its clients.
Break the reliance on email – Together, we can make a difference
Financial professionals, as trusted advisers, can take a leadership position in ensuring data security with their clients, leveraging client engagement to provide them with a reason to do it.