Best security practices for mobile devices

Feb 8, 2014 @ 12:00 am

Runtime: 2:59

Security and data management should be top priorities for financial advisers using mobile devices. Here executives from Laser App Software and Quadron Data Solutions weigh in with top tips to keep in mind.

The Financial Services Institute's annual broker-dealer conference, taking place January 27-29 in Washington, D.C.

Video Transcript

The days of having a cellphone for home and a cellphone for work are coming to a close. And as a blending of personal and business devices happens, there are some very important issues that you need to stay on top of issues like, security, data management. Today we are talking to some industry experts that will walk you through all of these issues and help you get the most out of your devices. -Devices main concerns should always be security of information, whenever you have software, whenever you're installing anything, whenever you're touching customer data that should be your number one priority period. So I think from an adviser's perspective, advisers really need to get some clarity on what best practice actually is 'cause frankly, the technology is there. The technology is always there to protect customer data. It's just a matter of adviser going through and actually protecting that data. So they need people that they can look to give them that information and I would look to-- if I'm affiliate in with a broker dealer, I would look to my broker dealer for that information. If I want to affiliate with the custodian, I would talk to my custodian about that information because the technology is there but advisers, they gotta project that data. -The advisers need to look as where some of the key breakpoints are going to be and there's a lot of things just out in the public media that certainly the lost of the device and do they have these basic parameter set up. So, is the device password-protected? Is it encrypted? Certainly, the iOS system comes with a default encryption things like the Android may need to be configured or do you have all the current patches in software updates. So there are some very basic things just like driving a car. There are things that are going to be fundamental to what you do and then there's going to be other things you're gonna need more sophisticated input into it. As you're looking for resources to help you mention broker dealers and the custodians, they have obviously invested a lot of money in protecting their clients and you can certainly leverage on that. I would caution against possibly using outside of our industry sources for those check list because they may be missing some of those key parameters that, as a financial adviser, you're held to a higher standard. -What I see is the biggest problem with the advisers is just them not knowing what to do with data, how to protect that information. You know, you get caught up in these daily processes of what you're doing and trying to replicate your practice but now on a mobile environment. So when you're in that mobile environment, you have data in a new place. So how do we keep that information safe? So you-- the adviser really has a lot of considerations that they have to make and that they have to take into account. Like if is that information stored locally on a device or is it setting up in the Cloud. And if it's up in the Cloud, is it a secured Cloud or not, so, things like that with the advisers really has to think about. -As the speed of the technologies increase and we have better and better securities, certainly, the bad guys are not dumb guys. They are smart. And so we need to continue to upgrade our technology as well as the way we distribute it down to the advisers.

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