{"id":165,"date":"2020-02-07T08:00:41","date_gmt":"2020-02-07T13:00:41","guid":{"rendered":"https:\/\/www.ifg-global.com\/blog\/?p=165"},"modified":"2020-02-06T14:32:34","modified_gmt":"2020-02-06T19:32:34","slug":"cybersecurity-what-every-financial-professional-needs-to-know","status":"publish","type":"post","link":"https:\/\/www.ifg-global.com\/blog\/cybersecurity-what-every-financial-professional-needs-to-know\/","title":{"rendered":"Cybersecurity \u2013 What Every Financial Professional Needs to Know"},"content":{"rendered":"\n<p>According to the Bank of Canada, cyber incidents are\nbecoming more frequent and are posing a real threat to the financial system. <a href=\"https:\/\/www.bankofcanada.ca\/2019\/11\/cyber-security-breaking-down-barriers\/\">Figures\nprovided by data specialist firm Advisen show there were almost 5,000\nsuccessful cyberattacks in the global financial sector from 2014 to 2018. Cyberattacks\nare also increasing in sophistication and have impacted over 550 million\nrecords with known losses of more than $4 billion.<\/a><\/p>\n\n\n\n<p>In the digital age, while inter-connectivity has made the\nworld a little smaller, it also sets up economies and systems for exploitation\nby criminals. The number of devices connected to the internet is rising at an\nexponential rate, but with this comes a significant element of risk for data\nand economic disruption.<\/p>\n\n\n\n<p>While traditionally one thinks of data breaches affecting\nthe finance industry, the resulting impact of a well-orchestrated cyberattack\ncould extend well beyond finance and spread to other sectors such as energy,\ntelecommunications and travel. <\/p>\n\n\n\n<p>To combat the rise in cybercrime, a collaborative approach\nis needed involving key global players including regulatory bodies. The world\nruns on data, and any potential threats can\u2019t be handled in isolation. When it\ncomes to cyberattacks, there are no walls between countries.<\/p>\n\n\n\n<p>To minimize risk, financial professionals and companies\nneed to be sure their cyber security practices are up to date. Care needs to be\ntaken to ensure emails are opened only from secure providers. Passwords need to\nbe changed regularly and encryption methods kept up to date.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.wealthprofessional.ca\/news\/industry-news\/what-cybersecurity-risks-do-financial-advisors-face\/321425\">According\nto an article in <em>Wealth Professional\nCanada<\/em>, 90% of all cyberattacks are the result of human error<\/a>. <a href=\"https:\/\/www.theglobeandmail.com\/investing\/globe-advisor\/advisor-news\/article-cybersecurity-breaches-should-put-financial-professionals-on-alert\/\">In\nOctober 2017, the Canadian Securities Administrators (CSA) surveyed more than\n1000 registered investment fund managers, portfolio managers and exempt-market\ndealers on their cybersecurity and social media practices.<\/a> They\nfound that 51 per cent of survey participants had already experienced a\ncybersecurity incident in 2016.<\/p>\n\n\n\n<p>In addition to direct financial costs, data breaches can also do significant damage to a company\u2019s brand and can affect both the private and public sectors. To minimize damage, the key is in prevention by establishing best practices throughout the organization. <a href=\"https:\/\/www.iiroc.ca\/industry\/Documents\/CybersecurityBestPracticesGuide_en.pdf\">To help dealer members combat cybercrime, The Investment Industry Regulatory Organization of Canada (IIROC) has published a Best Practices Guide addressing everything from risk management to governance and awareness and training.<\/a><a href=\"https:\/\/mfda.ca\/bulletin\/bulletin0763-c\/\">The Mutual Fund Dealers Association (MFDA) also set up general cybersecurity guidelines with a 2018 bulletin focused on electronic communications.<\/a>  <\/p>\n\n\n\n<p>From a regulatory perspective, Canadian regulators are\naddressing the issue at a much slower pace than their American counterparts. In\nthe U.S., the Securities and Exchange Commission (SEC) moves quickly and\naggressively against investment companies that suffer cybersecurity incidents. <a href=\"https:\/\/www.theglobeandmail.com\/investing\/globe-advisor\/advisor-news\/article-cybersecurity-breaches-should-put-financial-professionals-on-alert\/\">In\n2015, the SEC charged a $75,000 (U.S.) penalty against St. Louis-based\nbroker-dealer R.T. Jones Capital Equities Inc. after hackers stole details on\n100,000 individuals from its webserver. They then fined Morgan Stanley\nUS$1-million in 2016 after hackers stole client information.<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/globalnews.ca\/news\/4619728\/failure-to-report-canadian-privacy-breaches-could-mean-big-fines-after-nov-1\/\">In\nCanada, investment companies that don\u2019t protect client information still face\nconsequences and since November 1, 2018 must disclose data breaches under\nCanada\u2019s Personal Information Protection and Electronic Documents Act.<\/a> The\ngovernment can fine companies up to $100,000 for each person affected.<\/p>\n\n\n\n<p>While many organizations throughout the world have taken\nsteps to combat the rise in cybercrime, more needs to be done to maintain a\nstable and secure global economy. The rise in sophistication of cyberattacks\nmeans that the financial sector and their external partners will have to operate\none step ahead of the criminals. Collaboration and integration are key to\ndecreasing our vulnerability and the potential devastating impact of any real\nor perceived threats.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the Bank of Canada, cyber incidents are becoming more frequent and are posing a real threat to the financial system. Figures provided by data specialist firm Advisen show there were almost 5,000 successful cyberattacks in the global financial sector from 2014 to 2018. 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