Cybercriminals are becoming bolder and more sophisticated in their efforts to hack into networks in search of personal information and ultimately, large sums of money. At the same time, technology has developed in a way that can enhance the capabilities of these bad actors. That’s why now more than ever, it’s important to have a comprehensive cybersecurity plan for your firm.
Merit Financial Advisors has made a major investment in technology in recent months. One of our primary focuses is to consolidate client data into a single internal system. While a lot of that data is already under our ownership, we are focused on extending all of those ones and zeros into a data warehouse, creating direct feeds of information from different sources. A data warehouse creates an automated means of receiving data, rather than having it manually entered into a system.
None of these processes would be successful without proper planning, putting a multilayered cybersecurity plan in place to ensure all of this confidential data is protected. Merit has put the following safety measures in place in order and we recommend other firms do the same to give advisers and clients peace of mind:
It wouldn’t be possible to manage a complex network of technological systems without outside partners. At Merit, we teamed up with F2 Strategies, a wealth technology consulting firm, which has advised us through the development and now the action phases of our comprehensive technology plan. We also work with North Networks, an IT support system that serves as host cloud for our data. Our team’s thorough research led us to these partner firms, which hold the same high standards for data protection and safety as we do.
Merit continues to do the most it can to stay ahead of the game when it comes to cybersecurity. It’s important for any firm that's serious about investing and protecting their technology and data to continue training and educating their staff on best practices. Too often, someone can get into a bad habit that could result in their firm being vulnerable to a bad actor. Continued education and training is the best way to promote data safety and security, which are in the best interests of your firm and your clients.
JP Pattinson is a wealth advisor and vice president of technology at Merit Financial Advisors.
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