How protected are you?
In light of Covid-19, we have embraced technology like never before. Zoom, Microsoft Teams, shared whiteboarding, sharing screens and other software have become the norm. This means there is far more information available online than there ever has been before.
The recent ASIC proceedings with RI Advice Group Pty Ltd (20-191MR – 21/08/20) shows an appetite from ASIC to look at how secure data is in the financial planning industry. This report not only mentions RI's cyber security but also what steps they took after becoming aware of attacks within the group. One of the alleged incidents in the report involves a malicious agent spending significant time in a practice’s system containing sensitive client information which the report alleges was then used for illegal activities.
Ask yourself, how would you manage if your client data was taken? What kind of conversations would you need to have with your clients?
Many of you are or have been at large institutions who provide regular IT Security training and you may even have received fake spamming emails to test your vigilance. However if you are now a small business owner, when was the last time you reviewed your IT Security? Do you outsource your IT solutions? If so, have you spoken to your IT support provider around any recent threats or attacks on your system? Do you do any regular reporting on this?
The other question we don’t really ask ourselves is how secure is our home network? Does it match the level of IT security that you have in the office? If you are like me, I have over 5 devices connected to the home network. After my own investigation, I found I was not as frequent with password updates as I should have been and have plenty of friends with my Wi-Fi details. Some of these other devices could provide hackers with a way into the system, not through your secure work computer.
It may be time to check in with your IT Service provider or run a refresher with your team on risk mitigation. If you are not sure where to start or the questions above have raised concerns, there is help available. Several groups out there can review your system, provide recommendations and even discuss insurance solutions attached to this.
If you are not sure where to start, send me an email at david@huntandhook.com.au. Happy to help you get started.
Key thing to remember is to be vigilante.