Here is a great opportunity to get schooled in cybersecurity from the World’s Most Famous Hacker, Kevin Mitnick.
Envision Consulting, a Washington DC-based provider of IT services and support to financial advisory businesses, has hired me to be the master of ceremonies for a unique event to be held Wednesday October 19 in Tysons Corner, VA from 11am to 2pm.
The World’s Most Famous Hacker
Envision Consulting is brining Mitnick in to demonstrate his skills in front of our live audience and reveal just how vulnerable many of us are to sophisticated (and sometimes shockingly basic) phishing, spoofing, and social engineering attacks.
For more about Mitnick’s story and how he became known as The World’s Most Famous Hacker, watch the interview segment below with Stephen Colbert on the Cobert Report
See Kevin Mitnick for Free
So let’s get to the good stuff. You can enter to win a free ticket to this event, a $184.99 value, now through September 22nd.
Simply visit https://envisionconsulting.leadpages.co/fppad-cybersafe/ and use the Tweet button to post your entry via Twitter, or (since I’m all about efficiency) use the same Tweet button embedded below. All the rules for the contest, including notification information for the winner, are on the contest landing page, so be sure to review them to determine your eligibility.
Good luck, and I hope to see you in Washington DC on the 19th of October!
On today’s broadcast, the SEC fines an RIA for cybersecurity oversights, learn the steps you should implement to fight ransomware, and RightCapital is the newest startup in the financial planning software marketplace.
Today’s episode is brought to you by True North Networks, a leading provider of managed IT, hosting, and security services to financial professionals. With the introduction of SecureWorkplace, True North Networks helps advisors combat cybercrime with industry leading technology, monitoring, and employee awareness training.
And if you sign up for SecureWorkplace in October, you’ll receive a free firewall valued up to $2,000. Learn more about True North Networks and SecureWorkplace today by visiting fppad.com/truenorth
[I’ve been under the weather for a few days, but I’m back with this week’s top story that comes from the Securities and Exchange Commission, as the industry watchdog recently settled charges with a St. Louis-based RIA for failing to establish cybersecurity policies and procedures. In its settlement, the SEC said the firm “failed entirely to adopt written policies and procedures reasonably designed to safeguard customer information” and the regulator assessed a $75,000 penalty. As the result of a breach in July 2013, hackers gained access to personally identifiable information for roughly 100,00 individuals.
But the silver lining, if there is one, is that the SEC said that no clients have suffered financial harm as a result of the breach. Well, not yet, at least.
So this is your wake up call if you’re behind on establishing your own cybersecurity policies. You need them, and you need to periodically test them, or you may subject your firm to similar consequences.
Once again, I’ve linked the SEC’s most recent cybersecurity guidance in the show notes or consider hiring a security expert for RIAs like Itegria, Envision RIA, External IT, True North Networks, Right Size Solutions, and others.]
[Next up is more news about cybersecurity, as Shareholders Service Group president Dan Skiles recently addressed the rise in ransomware attacks on RIAs. Skiles notes that RIAs typically come across ransomware in a phishing email or a rogue file attachment, and once it’s mistakenly activated, the ransomware holds your computer and your files hostage unless you pay a ransom amount in bitcoin to unlock everything.
Obviously it’s best to never launch programs from unknown sources, but if ransomware does get activated inside your firm, Skiles recommends you isolate the computer that was attacked and work with an experienced IT professional to limit the damage. Arguably the best protection against ransomware is to have a fully-functional backup of all of your files, so you can literally throw your infected computer in the trash and start from scratch by restoring your files from a good backup.
It’s best if the ransomware never gets launched in the first place, so keeping your cybersecurity policies up to date AND offering periodic training to your firm’s employees will go a long way in protecting the information your clients trust you to keep safe.] When your firm is hit with a ransomware virus, try these steps first
[And finally, I’m wrapping up with a new startup called RightCapital, which announced the introduction of its eponymous financial planning software at the XY Planning Network conference in Charlotte last week. RightCapital joins Advizr, another planning software startup I’ve covered before, to offer an intuitive and attractively-designed platform as an alternative to veteran providers like MoneyGuide Pro, eMoney, and Advicent.
You’ll have to test drive RightCaptial to see if its planning capabilities are up to your standards, but with built-in account aggregation, integrations with Morningstar, Yodlee, and Redtail, and a price tag under $1,000 a year, RightCapital deserves a spot on your radar screen, especially if financial planning is going to play a more prominent role in your business.] Newly launched service provider RightCapital thinks it has created a better mousetrap and is undaunted by the hypercompetitive market
On today’s broadcast, Microsoft discloses a zero-day vulnerability that affects nearly all Windows operating systems. See what you need to do right now to protect your systems from attack. inStream inks a partnership with BAM Advisor Services. Learn why this could be a big deal for the startup wealth management software provider. And, cyber attacks scare even the most security-conscious advisors. Find out about a new assessment service that can help defend your business from online attacks.
Today’s episode is brought to you by ITEGRIA, providers of complete outsourced technology support, security, infrastructure and IT solutions exclusively for RIAs.
In their new book titled Red Flags, you’ll learn how to protect your firm from cyber-attacks, disasters, and IT compliance risks. Learn more about the Red Flags book by visiting fppad.com/itegria.
Before I get to the links to this week’s top stories, first answer this live poll:
[This week’s top story involves the hot topic of cybersecurity, as Microsoft disclosed a scary vulnerability in nearly every version of Windows on the market. So if you’re watching on a Windows machine, you need to pay attention. Mac users, you can go top off your Halloween candy.
Ok, so the vulnerability allows attackers to exploit Microsoft’s Object Linking and Embedding technology, better known as OLE, by sending you a Microsoft Office file with malicious code inside. If you open document, the attacker can gain access to your account’s rights and permissions and can remotely execute code on your computer. The potential for damage isn’t that great if your account has limited permissions, but if your account has administrative rights, then really bad things can happen. Pretty scary, huh? (scream)
So here’s what you need to do right now: first, remind everyone in your business once again never to open suspicious Microsoft Office documents, especially PowerPoint files, that are attached to dubious emails.
Then, to patch this vulnerability, head over to fppad.com/145 to find the link to Microsoft’s Security Advisory that contains the instructions on how to get the update. Now would also be a good time to make sure you’re current on all of your Windows updates.] Microsoft issued a security advisory this week with details of a zero day vulnerability that affects every supported version of the Windows operating system with the exception of Windows Server 2003.
[Ok Mac users, you can come back now, because next up is a story from Buckingham Asset Management and BAM Advisor Services, as the joint companies announced the selection of inStream as its wealth management platform for their 370 affiliated advisors.
You have to go way back my episodes in January for news on inStream, when the company announced that it would switch from a free plan to one that costs roughly $2,400 a year to use. But under the new strategic partnership, advisors who are part of the BAM Alliance will have full access to the inStream platform for no additional cost.
This is a big deal for inStream, as Buckingham Asset Management and BAM Advisor Services collectively manage or administer over $23 billion in assets, making them one of the largest RIAs in the country. So you might want to raise inStream a little bit higher on your radar, as I expect you will be hearing more from the company regarding new partnerships and financial planning functionality.] Buckingham Asset Management/BAM Advisor Services, one of the country’s largest independent wealth management enterprises, has chosen the inStream planning-centric wealth management software platform to serve the more than 370 advisors representing the more than 140 client firms in its network.
[And finally, cybersecurity raises its ugly head once again to finish this week’s episode, but this time the news comes from Investment Technology Partners, a cloud IT provider to RIAs. Earlier this week, ITP announced it is now offering IT infrastructure assessments to RIAs to identify ways you can proactively build up your defenses against online attacks.
ITP’s assessment consists of a pre-visit questionnaire, an onsite inspection, and a post-visit follow-up, all in an effort to help you update your policies and procedures to address cybersecurity risks. Back in episode 129, I told you about the SEC’s new cybersecurity initiative and potential for increased enforcement around this area, so if you’ve been sitting on your hands since then, let this serve as another reminder that you now have a variety of providers you can engage to navigate you through this challenging landscape. In addition to ITP, popular cybersecurity audit providers include Itegria, Envision RIA, External IT, True North Networks, Right Size Solutions, and more.] Investment Technology Partners, an outsourced cloud IT provider focused in the Independent Registered Investment Advisory marketplace has begun conducting IT infrastructure assessments for RIA firms who have engaged them be sure their firms can positively respond to the an SEC audit looking into cybersecurity policies.
Here are the stories that didn’t make this week’s broadcast:
http://online.wsj.com/articles/td-ameritrade-offers-robo-technology-to-advisers-1414013725 from WSJ.com
TD Ameritrade AMTD +0.39% is making robo technology available to the 4,000 independent registered investment advisers who use its custody and trade clearing services. The technology is coming from a fledgling San Francisco firm, Upside Financial LLC, and is in the final stages of being added on to the Omaha, Neb.-based brokerage firm’s systems that are used by independent advisers to manage client money.
A strategic partnership between United Capital and the founders of financial planning tool FlexScore led United Capital acquiring a Modesto-based firm with $320 million in assets.
Junxure has released an enhancement to Junxure Cloud, the first major upgrade to the cloud-based CRM program used by RIA firms and broker-dealer reps since its launch this summer.
Encrypt sensitive information, planners are routinely warned by security experts. Many states even require it. But there’s also confusion out there among advisors about the nuts and bolts of encryption.
Erado, an innovator in electronic communication compliance, announced today that it has expanded its partnership with Investacorp, Inc., to include Erado’s email archiving and all-encompassing social media compliance platform.
On today’s broadcast, hackers make headlines targeting high-profile companies, so how can you avoid a security breach in your business? Electronic signature technology gains momentum, find out which providers you should add to your processes. Big data is coming. Who’s harnessing all the data you gather in your business, and how will these tools help you make better decisions in 2014 and beyond? All this and more.
Today’s episode is brought to you by New Planner Recruiting, which specializes in the sourcing, screening and integration of entry level financial planners within financial planning firms nationwide.
Whether you’re a firm looking to hire or an aspiring planner establishing your career path, sign up for the free newsletter full of valuable resources and information by visiting fppad.com/npr
Here are this week’s links of interest:
Financial Adviser Technology Trends in 2014
Financial advisor technology news moved at a snail’s pace over the holidays, so today’s episode is going to cover the most important technology trends I see coming in 2014. These trends break down into four main categories:
Security
Electronic signature
Big data, and
Enhancing your online presence
Security
Security news has received a lot of attention recently, headlined by the recent data breach at Target of over 40 million credit and debit card accounts, and quickly followed up by the release of over 4 million usernames and phone numbers from users of Snapchat, the private mobile messaging service.
While these are big companies with a potential bounty of user information, don’t think that your business is immune to attacks from hackers seeking personal and financial information.
This year, you should make it a priority to strengthen the defenses of your computers, mobile devices, and your network. Also, social engineering will likely be the primary method hackers will use to exploit people in your organization, so periodically test how susceptible your organization is to well-designed social engineering attacks.
Next up is the increased adoption of electronic signature by financial institutions. You heard about e-signature several times in last years’ broadcasts as TD Ameritrade Institutional, Fidelity, Pershing, LPL and others support some form of the technology in their existing account processes.
But you can also deploy e-signature for the contracts and agreements you have for your internal documentation. So it’s worth exploring your options from providers such as RightSignature, Adobe® EchoSign®, DocuSign, and more to streamline your signature-gathering process, all while satisfying compliance, of course!
Big Data
The third trend I see ramping up big time for advisors in 2014 is Big Data. More technology providers are developing big data capabilities to help you analyze your data more effectively so you can make informed decisions about your client needs and business opportunities.
Finally, 2014 should be the year you make a serious effort to enhance your online presence. This is about more than just creating a Twitter account, posting a few tweets, and calling it a day.
More and more prospects are looking for financial advice and evaluating financial advisors online, long before they pick up the phone to schedule an initial meeting. And some prospects don’t even care that your office be in the same city where they live; they want an advisor who is an expert regarding their specific needs and circumstances, without imposing some arbitrary geographic requirement.
That said, does your website have what it takes to attract this generation of web-savvy prospects? Does your social media activity reinforce your value proposition to potential clients? And does your technology live up to the expectations of individuals born in the digital age?
You’ve heard what I think the most important technology trends of 2014 will be, and I’ve given you a head start with a number of vendors and providers that can help you get the new year off to a fantastic start.
