On today’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Chief Compliance Officer Menachem Striks to discuss cybersecurity, how we protect our clients’ information and how you can defend yourself.

Menachem says we constantly keep our networks and systems updated. We work closely with a third-party partner to run diagnostic tests, keep an eye out for suspicious activity and solve technical issues. Furthermore, we run monthly phishing tests to make sure employees know not to click on suspicious links. 

Menachem also suggests being intentional about creating and maintaining passwords. There are password managers like 1Password, which you can access with one master password while it generates various strong passwords for different accounts. Chris also recommends creating a different email account for your financial accounts that is separate from your personal email. 

Furthermore, Menachem says it is a requirement in the financial services industry for advisors to monitor all substantive business communications; therefore, WhatsApp and iMessage are not viable ways to communicate with clients because they are not subject to archiving and monitoring. We stick to methods of communication like email, calling and an approved way to text clients that improves convenience while still adhering to guidelines and protecting sensitive information.  

Disclosure:

Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your financial, legal, and tax professionals before implementing any transactions and/or strategies concerning your finances.