Cybersecurity: Keeping Client Data Safe

Cybersecurity primer

As cybercrimes evolve, staying familiar with the different kinds of threats can help you plan your safety strategy. Here are just a few:

• Ransomware – A malicious software that infects a computer or network. A ransom must be paid for access to be restored.
• Malware – Bad software used to infect or damage a computer network system.
• Phishing – Malicious emails sent to large groups of people. The goal of these attacks is to get recipients to click on a link or interact with an attachment which often deploys ransomware or malware.
• Spyware – A form of malware that spies on your computer activities. 

More and more, cybersecurity is essential for running a thriving business

According to a recent U.S. News and World Report article, 22 billion records were exposed to cyberattacks in 2021, and the financial services industry is a popular target due to the large amount of sensitive information. Simply put, cyberattacks work. In 2021, the average ransomware payments reached $812,000 and 66% of mid-size businesses were targeted. That’s up from 37% in 2020^*.

In honor of Cybersecurity Awareness Month, review these reminders to help stay #LPLProtected.

• Be wary of suspicious emails. Receiving emails from someone you don’t know or who has not been vetted by someone you do, can be tricky—especially if it is posing as a prospect seeking information.
• Think before you open. Don’t open links or attachments from unknown sources.
• Why the sense of urgency? Phishing emails and scams will often create a sense of urgency.

No matter how you affiliate with us, LPL Financial is committed to helping advisors, financial institutions, and our support teams protect sensitive information. Our technology team is available to answer your questions, and the firm offers a number of resources to help you protect your clients’ information, including:

• LPL’s free cybersecurity risk assessment
• Free cybersecurity presentations to help you and your teams understand threats
• LPL’s Cyber Intelligence Today newsletter in our Resource Center
• Free virtual consultations
• A phishing program for easily reporting suspicious emails

You can also complement your technology security team with the Secure Office program, where LPL’s cyber professionals integrate the latest technology to proactively monitor your businesses’ cyberprotection.

"Part of helping financial advisors be great is providing reassurance that their and their client’s information is safe," says Alex Russell, LPL Financial’s chief information security officer. "Cybercrimes are always evolving, so the LPL cybersecurity team is constantly monitoring those threats and trends so we can be proactive to safeguard the advisors and financial institutions that partner with us. Keeping cybersecurity top of mind is a great way to reduce the risk of a successful attack, so we encourage LPL advisors and team members to read updates from the technology team and engage us with any questions or concerns. Cybercrime isn’t going away, but neither are we."

This LPL Newsroom article also links you to additional resources below.

* Ransomware attacks, payouts soared worldwide in 2021, Cybersecurity Dive