In 2017, Equifax failed to patch a known security flaw for 14 months, leading to a breach that exposed 13.8 million UK records.The breach happened because of poor security measures and delayed patches to known vulnerabilities. If a global firm can slip up, so can anyone.
For Financial Advisers and financial firms, data security isn’t just an IT issue, it’s a regulatory and reputational risk. Even a small mistake, like a paraplanner sending files through personal email, could result in FCA fines and client distrust.
At Consenta, we respect and understand this at a fundamental level. And that is why we take our client’s data security as the topmost priority.
With advancing technology and the ingenuity of scammers, now cyber threats are everywhere. So, what is that we do for our clients that actually keeps their data safe?
You don’t need complex systems to keep client information safe.
1. Limit access
Not every employee needs full access. We use role-based permissions and request our clients to enable multi-factor authentication to limit any exposure.
2. Encrypt Data at Every Stage
Make sure all the emails, stored files, shared documents are encrypted. If data gets intercepted, it should be useless without a decryption key. We usually don’t ask for the transfer of any files or sensitive data over any channel. Our team remotely logs in to your shared files using the access you provide. So your files don’t have to leave your system at all.
3. Regular Security Audits
Checking for security gaps regularly helps you fix problems before they get serious.
4. Be careful with documents
Digital and physical files need protection. At Consenta, we have a simple rule, ‘No saving files on personal devices, no sending client info over unsecured email’. And if you print something sensitive at your offices, remember to shred them before binning.
5. Train your team
Most data breaches start with unintended human error. All your employees should be trained and should know how to spot phishing emails, fake links, and other scams.
6. Monitor and Respond to Threats in Real Time
Security tools can flag suspicious logins or data access. The sooner you catch it, the less damage it will do.
How Consenta Can Help
At Consenta, we take client data security seriously, so Financial Advisers can focus on clients while we securely handle back-office operations.
We take security seriously, so client data stays protected and out of the wrong hands. Our processes align with GDPR and other financial data security regulations. Staying compliant doesn’t have to be a headache.
To strengthen data security in financial services, we work directly inside your digital ecosystem, so all your client data stays with you. Our paraplanners only have the access permissions which you grant, that means we can process the information you want but can’t and won’t move or copy it elsewhere.
With Consenta, Financial Advisers get secure, compliant, and efficient support.
If you want a secure back-office solution that lets you focus on your clients, let’s connect!
Ready to simplify your practice?
Contact us today to discuss how Consenta can support you.