Backups are an organization’s security net. If you’ve got a backup, you’re safe even if your system gets hacked, right? 

WRONG.

Would you be facing an uphill battle if you had to prove your team follows security policies?

The goal of security training is to educate your team so they’ll make better decisions when it comes to cybersecurity hygiene.

The problem with this training approach is that you may be treating it just like a tool. As a result, the training might not be catered to your specific policies, leaving no way to prove that you are consistently training them correctly.

You know the statistics. You’ve seen the headlines. Now you’re trying to do the right thing but you don’t have a plan. Is that causing you to spend too much on your cybersecurity?  

Did you know that most businesses overspend on cybersecurity? This happens because businesses are too focused on adding new tools to their security stacks and not on understanding what they actually need.  

Spending money on cybersecurity won’t help you if it’s not being done effectively.  Are you shelling out too much money for your cybersecurity? Here are three reasons why you might be wasting your money.  

Is your team blindly following security rules?

Sure, rules are meant to be followed but simply following them without thought may create problems in the long run. Does your team really understand why the rules are in place? Do they know the consequences if they don’t follow the rules?

Have you thought about how one tiny issue could lead to a business-shuttering, network-wide attack your cyber insurance policy won’t cover?   

I recently got a call from a CEO of a non-profit who was hit by a network-wide ransomware attack. It hit everyone: their HR person, their accountant, their customer relationship management system, and their operations.  

But here’s the thing. Up until the event happened, this organization believed its network to be secure.  

After an analysis, it was found that they had almost everything secured. But almost doesn’t cut it because hackers only need one small vulnerability. 

So, what happened?   

Rules are made for a reason. Rules are supposed to make things better. Rules are supposed to make things safer for everyone.  

But what if the rules actually make things worse?   

A poorly written policy, and a team that is not educated and excited about the policies, can result in putting your organization at risk. This usually happens when employees are more focused on complying with rules than keeping the business secure.   

Reddit. GoDaddy. Facebook. All victims of hackers. 

No one needs to tell you how serious cybersecurity is, which is why you make sure to have all the right tools in your toolbox.  

But sometimes it’s not about the tools you have.  

You can have all your tools installed in your environment. Your team can be diligent about making sure each security tool is on every device, and you can even have documentation validating everything.  

The unsettling truth is that this still might not be enough to prevent a cyberattack.   

You’re tired of hearing about cybersecurity. You’re tired of hearing the constant threats. You’ve implemented all the recommended tools and you just don’t want to think about this anymore. You’re secure enough, right?  

WRONG!  

There’s never a time when cybersecurity is not important, and if you think you haven’t got time now, try dealing with an attack that brings your wealth management company to its knees and stops all productivity!  

Here’s the good news: Keeping your company secure is far easier than you may realize. Let’s start by looking at a couple of myths that may be getting in your way.  

You may think you are doing everything right when it comes to protecting your computer systems, but there’s more to it than just an antivirus and a firewall. These are important components, but will not protect your wealth management company from hackers by themselves.  

How can you tell if the cybersecurity you have in place is strong enough to withstand hackers? Well, you really can’t. But you can look at what your cybersecurity is doing and do your best to strengthen it. 

It takes less than 3 seconds to find a news headline about companies brought to their knees by a gang of hackers. Big companies, small companies, you name it, they’ve been hacked before.

Do you think they had up to date antivirus? They most definitely did.

So why is this happening? And what can you do to stop it from happening to your wealth management company?