You’ve likely set up your computers at your office to be fully compliant with the Branch Office Security Policy (BOSP). But did you know there’s a broad range of options to level-up your cybersecurity?

According to FINRA, cybersecurity threats are one of the major “operational risks” facing financial professionals today. With a substantial increase in frequency and sophistication in cyberattacks first detected during 2020, cybersecurity will continue to be of paramount importance going forward.

What exactly is cybersecurity? 

The Cybersecurity and Infrastructure Security Agency (CISA) defines cybersecurity as “the art of protecting networks, devices, and data from unauthorized access or criminal use and the practice of ensuring confidentiality, integrity, and availability of information.” 

In more practical terms for financial professionals, this means the need for increased protection when considering the high level of interconnectivity in our work and personal nature of our business. All business and client identifying information needs to be protected, from personally identifiable information (PII) to emails and data files. 

High stakes for small businesses

Cybercriminals seeking access to financial information and PII tend to scout for entry points into the most valuable targets that they can identify. Small businesses, with large available amounts of PII and assets, become prime targets. Large corporations are at less risk as they deploy many layers of enterprise-level cybersecurity, including programs that are on the lookout for cybercriminals at every possible entry point, 24/7.


 

"...the art of protecting networks, devices, and data from unauthorized access or criminal use and the practice of ensuring confidentiality, integrity, and availability of information."

 

 


Where to start? 

Being in compliance with the BOSP is a solid first step. Keep in mind, this basic level protection doesn’t account for three of the most common and aggressive attack strategies employed by cybercriminals today:

  1. Crypto-ransomware
  2. Point-of-entry attacks
  3. Vulnerabilities in your operating system

You can take your cybersecurity a step further with enterprise-level systems actively hunting for attacks and resolving them on the spot. This can potentially save you time, investment, and avoid costly downtime. Not to mention, it can mitigate reputational risk and protect the private information of your clients.

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Secure Office: One new way to enhance your cybersecurity game

With a subscription to LPL’s Secure Office, you have immediate access to LPL enterprise-level cybersecurity. Files and PII are protected with a next generation cybersecurity suite that hunts, detects, and remediates any potential attacks.

This upgraded cybersecurity system is the difference between having a security guard at the door checking badges, and the secret service combing every entry point of the entire building and watching what everybody is doing. 

For financial professionals, the stakes couldn’t be higher. One attack could harm the clients you work so hard for, put your reputation at risk, and have a ripple effect for years to come. 

Ready to learn more about your options? Here are some helpful links to check out:

Are you in compliance with the Branch Office Security Policy? Review now »

Do you want to take LPL’s free cybersecurity risk assessment? Get started »

Are you ready to level-up your cybersecurity with Secure Office? Learn more »

 

References:
FINRA®. (2022). Report on FINRA’s Examination and Risk Monitoring Program, Cybersecurity and Technology Governance .
Cybersecurity & Infrastructure Security Agency (2019, November) Security Tip (ST04-001)

 


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