How financial advisers can prevent cyber breaches – Money Management




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21 November 2022
A specialist cybersecurity lawyer has shared six tips for advisers to mitigate the risk of attacks, following evolving updates from the Optus and Medibank data breaches.  
Katherine Jones, partner at Colin Biggers and Paisley Lawyers, had managed over 500 cyber breaches during her litigation career in handling cybercrime and fraud.
In partnership with the Association of Financial Advisers (AFA), Jones discussed how firms could be proactive against cyber crime and what to do in the event of a breach. 
Financial advisers fell under the category of ‘critical infrastructure’, according to the Australian Cyber Security Centre. Past cases of cyber crime demonstrated these types of organisations, alongside government bodies, were at a higher risk of online breaches. 
With cyber attacks costing Australians close to $29 billion each year and 75% of cyber crimes resulting in a loss of funds or data, the partner reiterated the importance of having adequate risk management. 
She examined four common types of cyber breaches:
The Colin Biggers and Paisley partner identified six ways financial advisers could manage their risk and questions they should ask:
People and staff:
Secure network:
Payments:
Insurance:
Email risk:
Cyber event:

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