Changes to Advisors’ Cybersecurity Precautions Will Be Necessary Due to Return-to-Work Requirements
When Elon Musk said that Tesla workers would have to spend at least 40 hours a week at the office, the world’s richest man was criticised for not taking into account what workers want and need.
Musk’s unique way of doing business has earned him both praise and criticism. However, he seemed to be ignoring the appeal and effectiveness of remote work for highly skilled and educated workers. He also seemed to ignore the fact that, after two years of pandemics, remote or hybrid work have become commonplace in the workforce and that the “return-to-work-or-else” approach could be a risky talent strategy that could make employees leave.
Even so, more offices, like those in wealth management and financial services, could follow the trend back to a more normal state from before the pandemic. This might not mean a full return to the office environment of 2019, but it could be close. Firms should be ready for changes in cybersecurity.
When people come back, the CTO and CCO will have to figure out what to do with the new cybersecurity controls that were put in place during the pandemic. Should company policy support a “Bring Your Own Device” (BYOD) policy? If a company is testing out a “back-to-the-office” rule, will they still let employees work from home or a co-working space part of the week even though they have access to an office?
Firms that want to take advantage of the Elon Musk moment need to get their cybersecurity in order to keep up with the changes that have happened since the pandemic started. We’re talking about offices that have shrunk: Long-term leases on traditional spaces with set users have dropped by a lot, so businesses may need to keep securing their corporate perimeter on the assumption that some of their employees will still work from home.
Wealth management firms would have to keep using multifactor authentication to make sure that only approved users can access networks and applications. They must also keep telling employees how important it is to be careful online, including how to spot phishing scams.
Let the truth lead you.
It’s important to remember that Covid has broken down old technological barriers that used to stop financial professionals from working remotely and interacting with clients. This structural change can’t be undone because the most successful financial advisors and their teams have adapted to this new world. They’ve learned how to build the same, highly effective relationships with clients without having to be there in person. In other words, the number of remote interactions has grown because it hasn’t hurt business success. This has made it easier for advisors to meet with clients at any time and from anywhere. This should be pushed for.
Even though a move back to home and back offices may be coming soon, wealth management firms should make sure that their cybersecurity policies give employees the flexibility they need to be more productive. As long as firms have end-to-end cybersecurity solutions that let them monitor all remote devices, users, networks, and vendors through a single pane of glass, they are better able to serve clients and help advisors build their book of business.
In theory, a hybrid approach that includes going back to the office is riskier than either working full time in the office or working completely from home. Hackers could easily get into co-working spaces and coffee shops where employees can log in with their company laptops. This is why companies that want to have a good cybersecurity policy must list their office location and include physical security.
Securing the corporate boundaries can help keep all remote users as safe as they would be in the corporate office. When users log on to a Wi-Fi network that a co-working space offers or accidentally hop onto someone else’s network, a firm’s cybersecurity policy will protect them as they exchange sensitive data as long as it includes details about how secure that new network is. Even if people are using an open Wi-Fi network in a shared space, a cybersecurity solution that monitors endpoints on client networks and fixes vulnerabilities automatically can make sure that business doesn’t stop. Controls, like SOC reports, can also give you more information about different users, like vendors, who work from far away.
Companies have and will continue to face the risk of cyberattacks, which have grown by leaps and bounds since the rise of remote or hybrid workplaces. Regulators, for their part, have proposed rules that would require registered advisors and funds to take broad cybersecurity measures. For example, advisers would have to report major cybersecurity incidents within 48 hours. Businesses can stay one step ahead of these kinds of risks if they think ahead. Firms can meet these requirements and keep users safe at all times by putting in place an all-in-one network security solution and compliant archiving.
