You've Been Breached — Now What?

Cybersecurity threats have become an ever-present and growing concern for wealth management firms. The very foundation of these businesses—trust—can be shattered in an instant by a successful cyberattack.

Visory is proud to share the insights of Mark Hurley, CEO of Digital Privacy & Protection, and Steven Ryder, our Chief Strategy Officer, in their latest article, “You’ve Been Breached—Now What? (Part I).” This compelling piece addresses a critical question: How can wealth managers respond effectively to a breach while safeguarding their reputation and client relationships?

Key Takeaways from the Article:

• The Reality of Cyber Threats: Why wealth managers are prime targets for cybercriminals and how breaches often originate from indirect attacks, such as compromised employee or client accounts.
• The Path to Recovery: The importance of reverse-engineering the attack to determine how it happened, preventing repeat breaches, and restoring operational integrity.
• Proactive Measures: Why traditional IT solutions fall short for wealth management firms and the essential role of robust cybersecurity protocols and forensic expertise.
• Industry Implications: How breaches impact not just client trust but also relationships with custodians and the scrutiny of regulators.

This article serves as a wake-up call for firms that have underestimated the importance of cybersecurity. It outlines actionable steps to take in the aftermath of a breach and highlights the necessity of being prepared for when—not if—a breach occurs.

Why This Matters Now

As cyber threats evolve, so must the defense strategies of wealth management firms. The insights shared in this article are particularly relevant as firms grapple with the increasing complexity of cybersecurity risks and regulatory expectations.

At Visory, we’re committed to empowering financial professionals with the tools and knowledge to protect their clients, their businesses, and their reputations.

Read the Full Article

Don’t wait until it’s too late. Learn how to navigate the critical first steps after a breach by reading “You’ve Been Breached—Now What? (Part I).”

Read the Article

Stay tuned for Part II, where Mark Hurley and Steven Ryder will dive deeper into the long-term strategies wealth managers need to build a resilient cybersecurity framework.