By Fred Kauber
The global ransomware attack known as WannaCry affected consumers and businesses in more than 150 countries and captured collective consciousness. As such, it presents an opportune time for the wealth management community and the fintech platforms they rely on to reflect on the current state of cybersecurity — an escalating arms race for both hackers and their targets.
The WannaCry attack is simply the latest manifestation of a sobering state of affairs that has been unfolding for some time for financial institutions, fintech platforms, and financial advisors. According to the 2017 SonicWall Annual Threat Report, the 638 million ransomware attacks were attempted in 2016, a 167 times increase over 2015. Thirteen percent of these targeted the financial services industry.
Ransomware is just one form of cyberattack, but hackers generally want to follow the easy money and maximize their return for the least possible effort and risk of detection. As a result, fintech platforms and wealth managers alike can follow a core set of practices to become less susceptible targets. The following best practices can help.
Fred Kauber is Managing Director and CTO of CAIS Group, and is responsible for all marketing and technology initiatives at the firm.