Q: All we keep hearing about at my firm is “cybersecurity.” I get what I’m supposed to do: Don’t click on strange links in e-mails. Watch out for phishing attempts. Verify distribution requests with my clients verbally. Beyond that, isn’t it the firm’s responsibility to make sure its systems are buttoned up?
A: Actually, the measures you’re taking aren’t the only ones that you personally need to worry about when it comes to cybersecurity.
If you work from home, is your modem secure? If you’re working remotely from a coffee shop, is the Wi-Fi allowing hackers to access your laptop? Do you save your passwords on your smartphone in an unencrypted file? Do you use the same password for different accounts? And have you failed to speak to your clients about how they’re keeping their financial information secure?
These are just a few of the additional questions you should be asking yourself.
It might help to re-think your attitude about cybersecurity. Treating it as your firm’s responsibility,
The
Broker-dealers that get hit with cyberattacks not only lose money as a direct result of the incursions, but also
So if you can’t get on board for the sake of your employer and you’re not concerned about your clients losing money, then at least do it for the sake of your own pocketbook.
Mike Manalac is a CPA with experience at small, Top 20 and Big Four accounting firms and industry-leading Fortune 500 companies. He is currently an accounting manager at Google, as well as the author and illustrator of the No Flux Given playbook. He also pioneered the introduction of the virtual whiteboard to the accounting world. Reach him at
Indraneel Chakraborty is a professor in the finance department at Miami Herbert Business School. He has worked for Citadel Investments and Citigroup Global Markets fixed-income divisions.
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