Introducing the Cybersecurity Resource Center

Cybercrime within the financial advisory space is a growing concern for advisors and investors alike. Protect your firm with a five-step approach to creating your own multi-faced cybersecurity plan.

Cybercrime is on the rise and it’s top of mind for both advisors and regulators. According to the SEC, 74% of advisors have experienced cyberattacks either directly or through one or more of their vendors. While alarming, it’s not at all surprising. Financial services organizations are impacted by security incidents three times more frequently than organizations in other industries. The total cost resulting from cybercrime is higher for financial services than any other sector.

While advisors have mostly escaped the large, high-profile incidents, regulators have made it clear that they expect advisors to have a comprehensive program that protects firm and client data and assets. This is why Schwab is introducing a comprehensive and detailed set of resources to guide you through each stage of cybersecurity planning, no matter how large or small your firm.

Advisory firms can range from two-person practices, to large multi-location businesses, so the right approach will be different for every firm. Your plan will need to reflect your firm’s vision, business model, and risk management strategy for protecting information. 

We believe that an effective program should combine a documented plan that clearly outlines policies and governance, along with a robust security infrastructure. For ongoing success, you must also focus on building and nurturing a culture of protection across all stakeholders—employees and clients.

A new resource to help you strengthen your cybersecurity

Cybercrime is on the rise and it’s top of mind for both advisors and regulators. According to the SEC, 74% of advisors have experienced cyberattacks either directly or through one or more of their vendors.

While creating this sort of comprehensive, flexible, vigorous plan is vital in today’s world, we know it can also feel like a daunting task. To arm you with the information and resources you need, we have launched a new online Cybersecurity Resource Center .

The center is designed to help you organize, develop, strengthen, and maintain your firm’s cybersecurity program. It focuses on delivering information, tools, and a guided process to help you:

  • Understand the regulatory and fraud environment
  • Develop, strengthen, and maintain your cybersecurity program
  • Educate employees on roles and responsibilities for protecting firm and client information
  • Educate clients on best practices for protecting information

Our five-step approach will guide you through the process

A cybersecurity plan must be comprehensive enough to address current rules and flexible enough to meet constantly evolving expectations for cybersecurity practices.

Our Cybersecurity Resource Center outlines five steps to help guide you through this multi-faceted process—from initial planning and inventory of assets to ongoing maintenance.

  1. Set the stage
    Establish a strong foundation by securing senior leadership support and taking inventory of your firm’s data.
  2. Perform assessment
    Assess your cybersecurity posture and identify data security gaps.
  3. Create action plan
    Define and prioritize actions needed to close data security gaps.
  4. Implement and document
    Implement your action plan, update your policies and procedures, and train staff.
  5. Establish ongoing maintenance & education
    Update your program on a regular basis and educate your employees and clients.

Part of an ongoing effort

In much the same way that advisors integrated the compliance function and culture into their firms 15-20 years ago, you should consider cybersecurity an essential and permanent part of your strategy and operations. Your team will need to invest time and resources into implementing and maintaining the program.

In the long term, the best way to protect your firm from cyber threats is to create a culture of protection where employees will be aware of and committed to doing their part to protect firm and client assets. Our Cybersecurity Resource Center can help you along that journey.

Visit the Cybersecurity Resource Center today to explore all of the content and tools. The hub is the latest offer in our broader effort to help your firm combat growing cybersecurity threats. 

Talk to your relationship manager to learn more about other ways we can support you

Cybersecurity Resource Center webcast: Save the date for our September 28 webcast.

Fireside Chat:
Join Schwab’s cybersecurity and financial crime professionals as they talk about recent fraud trends and answer your questions. Register today for the September 7 event, listen to the May 12 replay, and mark your calendar for November 8 at 1 p.m. PT for our last chat of 2016.

IMPACT® 2016:
Cybersecurity @ IMPACT 2016