IFA Firms face targeted Cyber Threats which fit their Profile, and so can better combat Attacks by prioritising what they are most exposed to

Different business sectors will typically face cyber attacks that target their most critical assets. For example, a manufacturer may be highly dependent on their production line and website being on-line 24/7. An IFA needs to ensure they protect their clients’ personal data and retain access to in-house systems and 3^rd party platforms.

Threats to businesses will correspond to their critical assets. A ransomware attack impacting a manufacturing business may take vital equipment offline for days or even weeks. A ransomware attack on an IFA may not be so damaging if it only impacts a single laptop, assuming the user has access to another company computer. However, if the attack was due for example to a weak password, and prevented access to internal or 3^rd party systems, the entire business could also come to a standstill and their client data compromised.

Below we outline the top 5 important assets and top 5 cyber security threats impacting IFA firms.

Top 5 Assets for IFA firms – what needs protecting

1. Company bank account
2. Company website
3. CRM systems, storing client personal information such as copies of passport, date of birth, address, etc.
4. Client accounts on investment platforms
5. Email and social media accounts, such as Microsoft Outlook, Gmail, Facebook, LinkedIn

Top 5 Cyber Security Threats faced by IFA firms

1. Unauthorised access to and theft of information via online applications
2. Social engineering attack such as wire-fraud scam/phishing or ransomware
3. Exploitation of a vulnerability or configuration on the company website
4. Downtime of critical systems or supplier leads to non-availability of the services
5. Disclosure of confidential information through a third party supplier or employee

In our next article, we will discuss how to effectively and efficiently combat the top 5 threats a typical IFA firm faces. This way, any investment in time or money is spent on reducing the most important threats, rather than simply adopting an ad hoc approach.

Kloudwerk works with you to help you keep the cyber criminals out. We offer affordable cyber security consultancy packages for business customers.  Please visit our Cyber Consultancy page for more information.