UNHOLY TRILOGY: COVID, REMOTE WORK, and CYBERCRIME

CFP® Certificants in the News

“There are only two kinds of financial planning firms: those that have faced a cyberattack and those that will.”

 Consulting Firm PwC

Business is booming for cybercriminals.  The confluence of COVID and remote working has more than doubled cyberattacks against financial firms.  Moreover, the increased number of attacks is far higher for financial firms than other businesses.  Why?  The best explanation comes to us courtesy of Mr. Willie Sutton, a prolific bank robber in the 1920’s.  When asked why he robbed banks, Willie replied, “because that’s where the money is.”  History now repeats itself on a grand scale as cyber-robbers steal billions in financial assets every year. 

Here’s how gravely CFP Board considers this issue as quoted from its September 9, 2021 Newsletter: “Financial planners are on the frontlines of America’s wealth. This makes them and their firms a high-value target for cyber criminals operating on the fringes of the internet.”

Clients are increasingly aware of their cyber vulnerabilities.  According to the Newsletter, “Now consumers are starting to ask: ‘What are you doing to keep my private information safe?’ ”  Financial professionals who wish to keep existing clients and add new ones should have a compelling answer to that question.

Stay tuned for our November blog in this series entitled “How to Avoid the Top 5 Cyber Risks in Client Accounts.”