5 Cybersecurity Mistakes Financial Advisors Might Be Making

September 29th, 2022 | Abby Kruse King

Over our history providing IT solutions to entrepreneurs in many industries, Myriad has gained some critical insights into the most common cybersecurity mistakes financial advisors make. Ask yourself – have you made any of these mistakes?

  1. Thinking You’re Too Small to be a Target
    Don’t forget – ‘everybody has something of value to a hacker’. If you’re a one-man band or the biggest business in the world, hackers will always find something of value. It is necessary to take cybersecurity precautions – even if you only start with small ones!
  2. Password mismanagement
    You might be thinking, ‘Nobody will be able to guess my password; they don’t know me that well.’ But a recent report stated that 90% of passwords could get cracked in 6 hours or less by cyber-criminals.1 Any personal information in a password is a big NO. Myriad understands that this can become unwieldy when you with so many websites to log into. We can help you set up a password manager like LastPass to simplify password management!
  3. Not using a VPN
    You’ve likely heard that a VPN, or Virtual Private Network, protects your privacy online. It does this by encrypting your data and hiding your IP address, making you harder to track. There are other benefits to VPN’s as well – like being able to access region-locked content on streaming services. Best of all, most already have built-in functionality with your existing browser. VPN is a no-brainer, so if you don’t already have it, talk to Myriad and we’ll help you get set up with one easily!
  4. Sharing answers to security questions and personal information
    It’s a common mistake and the easiest to fix. It may sound like fun to share your answers to “What was your High School mascot?” on social media but answering these seemingly innocent questions gives cyber-criminals more information about you; making you easier to hack. This goes for physical security as well. For example - when you go on vacation, wait to post your photos until you’re safely back home. That way, no potential burglars will get the heads up that you’re thousands of miles away from your empty home!
  5. You haven’t purchased cyber liability insurance
    The average loss of a cyber-attack in 2021 was $4.24 million.2 The average cost of Cyber Liability insurance in 2021 was $132 per month.3 Cyber Liability Insurance can offer you protection from phishing attacks, malware, data breaches, stolen devices, ransomware, and several other cyber security attacks. This is especially crucial for financial advisors, who are dealing with some of the most sensitive information in their client’s lives!

Don’t feel too bad if you haven’t taken every cybersecurity precaution listed here - but be sure to take them to heart. Internet-based commerce isn’t going anywhere, and hackers & phishers are more creative than ever. Luckily, with Myriad’s help, you can set up a few precautions that will help reduce your chances of – and protect you in the event of - a cyber-security attack!

  1. Norton
  2. IBM
  3. AdvisorSmith