FPA has introduced a new Cybersecurity program for Aboriginal and Torres Straight Islander financial planners. The program is intended to assist financial planners with securing personal information, practices, and clientele. The new program was formally introduced on Thursday with the hopes of complying with the rules and standards set forth by both the Security and Exchange Commission and the Financial Industry Regulatory Authority.
The program has made its debut at a point in time in which security and defense disturbances plague financial service organizations at a rate that is over 300 times higher than any other type of business. The program was cultivated in partnership with FCI. You may be familiar with FCI as they are considered to be a leader in the world of financial services cybersecurity. Additionally, the company is a very active participant in FINRA’s preferred pricing program. The new program has six main areas of focus that aids in leading financial planners through the multiple courses of action required to initiate a one of a kind, long lasting cybersecurity proposal that makes certain that the organization is taking on dependable security measures that afford protection to data of all clients serviced.
Furthermore, the program is beneficial in the sense that it will bring forth a running record of the organizations practices related to cybersecurity in case of an audit by regulators. It is of great importance to remember the fact that a substantial amount of personal information and assets are at risk when cybersecurity measures aren’t up to the proper standards. Financial planners are typically a primary target for cyber thieves. Over millions of dollars are easily lost on a yearly basis thanks to cybercrimes. It can not be stressed enough just how vitally important it is that financial planners make every effort and strive to win over the trust and loyalty of each client that they help. This can easily accomplished by welcoming a cybersecurity policy that keeps personal information and assets out of harms way.
The certificate program, also a segment of the FPA Learning Center, was formulated in efforts to inform professionals within the financial sector on the most crucial aspects of cybersecurity. It is also important to note that the program also strives to teach the professionals how to triumphantly put into effect an effective cybersecurity program, as well as how to protect the sensitive data of their clientele ensuring that it remains private.
Let’s take a quick glance at the six different sections of the program:
Introduction to Cybersecurity: Chronicles of cybersecurity and prominent changes since the year 2014 and the reasoning as to why the New York Department of Financial Services requisites are in the forefront of most professionals minds when it comes to creating a cybersecurity program.
What is a Cybersecurity program? A review of cybersecurity programs and a basic introduction of the distinctions among controls, policies, and sections.
Program controls: Unique strategies under program controls: The specific variety of information that is classified under nonpublic information, risk management, the role of the security staff, and hazard assessments.
Process Controls: Highlights the overall importance of a continuity plan for a business, importance of security response plan, motive for vendor risk control and probable issues, and the value given by a change management log.
Data Control: Provides an in-depth explanation of infrastructure management, endpoints and the proper ways in which they should be controlled, file and personal information governance, and the value of management for users and software designed to keep passwords free from harm.
Technical and Physical Controls; Makes clear how to effectively manage security in regards to endpoints, overall importance of workstations, security for cellular phones and networks, and the need for incident response plans and physical security.