The headlines containing major cybercrimes continue. Currently, it is the Colonial Pipeline, but next week we will likely hear about another well-known entity dealing with a major breach. (These stories will not stop anytime soon.)
There’s one thing that is for sure – Americans are now well-versed in the major issues, headaches, and challenges due to cybercrime. Collectively, we all know it is a major issue, and understand there are no easy solutions. We are certainly more aware than ever that it is not a given that data will be safe and secure. And sadly, we are at a point where the occurrence of a breach is no longer a surprise.
This provides a true opportunity for financial firms to take the extra steps to proactively focus on security – it is the right thing to do, and it will also serve as a differentiator.
We’ve explained before that during the pandemic, financial services professionals simply had to shift their priorities to getting necessary business done, however and wherever they could. Thoughts of security took a back seat (and, one could argue had to, as the concept of keeping business going at any price moved to the forefront at the end of first quarter 2020).
But now, the news about security breaches gets worse by the week. The government announced they are stepping up efforts and are looking to partner with private companies to find a solution, but no one knows how long that will take or what, exactly, that even means.
The reality is that there is a gap in what clients want and expect from their financial advisors, and what they actually receive. Clients want to trust that their private information will stay secure, but in the back of everyone’s head, we all know that very well may be a pipe dream.
Any firm that does step up and ensure security is a priority will be separating itself from the pack. These organizations will be working to proactively build trust and strengthen relationships with their clients.
We would argue that trust and security go hand in hand – security must be a core and foundational element for any firm that wants to build both the relationship and the level of trust it has with its clients.
Jennifer Steinmann, a principal with Deloitte Consulting LLP, has stated, “Accelerated digital transformation has led to an increased reliance on technology. Security has become more important than ever, but it’s also become a potential business differentiator.”
Steinmann continues, Trust is at the heart of relationships and decision-making, including around technology, and security is a core component of trust. Organizations that earn the trust of their stakeholders can gain a competitive advantage.
There is a true opportunity for forward-thinking financial firms to take action now, with a solution that is available now, to do what is right for the client base
Venn’s Zero Trust Platform is a proven solution, available now, ready to ensure a financial firm’s workforce can securely use any device, anywhere.
Venn has been developing this technology for many years, and we continue to take it to the next level. The premise is simple and most importantly shows a history of its effectiveness:
It’s a cloud solution with a local device experience that wraps data and sensitive information in a secure perimeter and keeps your company, employee and client data safe, secure, and inaccessible to the outside world.
To take the needed actions with your clients and to ensure you build the trust that they seek, take a proactive approach and reach out to our team to learn more. We can show you the solution in action, and explain how this innovative solution provides the needed (and highest degree of) security so your company does not become one of the countless headlines of a company falling prey to a cyberattack.
Reach out to us today to find out more.