In FPPad Bits and Bytes for May 30, Bill Winterberg talks about Brian’s recent Wall Street Journal column:
Next up is a timely article on poor cybersecurity practices among financial advisors. In a Wall Street Journal column, Brian Hamburger, compliance attorney and chief executive of MarketCounsel, identified several dangerous issues he’s seen when visiting advisory firms. The innocent, but dangerous, practices include things like writing down passwords on sticky notes, failing to reset passwords when an employee leaves the firm, and not encrypting laptop hard drives. Couple that with the dramatic increase in client spoofing, where hackers break in to client email accounts to request fraudulent money transfers, and you have a recipe for some substantial financial losses as well as the loss of client trust. Regarding passwords, my advice is to treat them like a pair of boxer shorts. Yes, boxer shorts: Keep them a mystery, don’t share them, don’t leave them lying around, and please, change them often!