There is a misunderstanding that lies at the center of most wealth manager’s views of data security. This is the fact that data with the highest value is more protected than less valuable data. However, this is not always the case.
Many of you may be aware of the 2017 Equifax data breach, which resulted in the divulgence of the financial and personal information of approximately 148 million individuals. Due to this data breach, Equifax recently announced a settlement that necessitates they spend at least $1.38 billion in order to resolve the claims of consumers.
Most employees prefer to feel empowered to make their own decisions on the job as opposed to dealing with overly controlling bosses who prefer to micromanage. When someone new to the team is truly ready to get to work after the onboarding process, those in leadership positions should be looking for ways to empower these new team members.
Technology is advancing at an exponential rate, which makes it quite challenging to gaze into the crystal ball of IT and determine what the future holds. However, by studying the current trends in technology it starts to become clear what will have the biggest impact on the future, and currently, automation and AI seem to be playing a substantial role in shaping IT’s future.
Security education in the workplace is more important than ever before, as business email compromise (BEC) and email account compromise (EAC) threats are increasing. A recent advisory issued from the Financial Crimes Enforcement Network (FinCEN) outlines the growing risks associated with these specific cybersecurity threats, both of which aim to gain access to the victim’s email accounts.
Similar to other major industries, banking is becoming changed through technology and how it is used to alter the nature of customer relationships and represent brands within the industry. The digital revolution has been transformative within the banking industry in regard to how they interact with current and prospective clients.