While everyone is at risk of being a victim of cybercrime, high-net-worth families are more likely to be targets, WealthManagement.com writes.
Basic Steps for Cyber Security Readiness
Andy Hart, Managing Partner of Delegate Advisors, says "the threat of cybercrime has never been higher," according to the publication. But there's steps financial advisors can take to help bolster cybersecurity, WealthManagement.com writes.
Strict money-movement protocols aren't enough, and it might be beneficial to roll back some of the technology we use, Hart tells the publication. Whereas once an email was considered secure, an "old-fashioned phone call to a client" could save them from becoming a victim of cybercrime, according to WealthManagement.com.
High-net-worth families can also freeze their credit, which will stop criminals being able to open new credit cards or fraudulent loans if their personal information gets stolen, Hart tells the publication. Additionally, Hart recommends that clients use two-factor authentication for online accounts, according to WealthManagement.com.
Furthermore, clients should use a seperate device when logging in to financial accounts, Hart tells the publication. Regular browsing can expose clients to malware, which gathers personal data, and separate devices means that financial information remains secure, according to WealthManagement.com.
Additionally, all members of a high-net-worth family should ensure their privacy settings are adjusted on social media, since it can be used to gather personal information, Hart tells WealthManagement.com. Moreover, clients should never use an unsecure Wi-Fi network to log in to their email or financial accounts, the publication writes. Clients should also set low-balance alerts for all credit and debit cards so a notification is sent for transactions over $0.01, Hart tells WealthManagement.com.
Finally, clients should always verify wiring instructions they receive by calling the financial institution that provided them, Hart tells WealthManagement.com. And the financial institution should reconfirm with the client, by phone, before the wire is released, according to the publication.
