How to ensure your financial advisers are up to speed with cyber security

Financial advisers can definitely be trusted with your money, but recent research found that only four out of ten financial advisors feel comfortable with the risks that surround cyber security.

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This is a big issue. According to CNBC, cyber security has never been more important for businesses and individuals, due to the amount of personal information online.

If you want to make sure that your financial advisers are up to speed with the latest cyber security, here are some questions that you can ask them.

“Where is my data and who can access it?”

If your data is stored in a safe place that only one or two people can access, it is relatively safe. On the other hand, if it is stored in multiple places that multiple people can access, there is more potential for a hacker to steal the information. This isn’t just an online issue, as if your data is stored in an office that isn’t locked, it could also be physically stolen.

Professionals who are proactive about cyber security invest in back office systems for financial advisers, such as from

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“What happens to my data if I stop being your client?”

Lots of people eventually leave their financial advisers, especially if they are moving to a different area, so it is important to find out what will happen to your data if you do leave. Ideally, the firm should have policies in place to ensure the safe disposal of a client’s information.

How to help secure your data

There are a few things that you can also do to secure your data. One of the main things that you should do is avoid oversharing. Many people use a financial adviser for one specific thing, such as creating a financial plan, so it is likely that you won’t need to give them all of your information. For instance, if you are using a financial adviser to create a financial plan, you won’t need to give them your NI number or security number. You can also blank out any unnecessary information on documents that you are sending to your financial adviser.

You should also take the time to ask why they need the information, so that you only give your adviser the information that they need.


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