Cyber-security for Financial Advisers
Cyber-security for financial advisers is becoming a more important subject than ever. Cyber-crime is on the rise and Financial Advisers are coming under increasing pressure to defend their data and systems. Increasing regulatory pressure is pushing up the costs and burdens on small financial advisers to ensure their client’s sensitive information is kept out of the wrong hands.
The Gramm-Leach-Bliley Act is also known as the Financial Modernization Act of 1999. It is a United States federal law that requires financial institutions to explain how they share and protect their customers’ private information. Financial institutions must communicate to their customers how they share the customers’ sensitive data, inform customers of their right to opt-out if they prefer that their personal data not be shared with third parties, and apply specific protections to customers’ private data in accordance with a written information security plan created by the institution.
The complexities of complying with the Gramm-Leach-Bliley Act are well beyond the expertise of the average adviser with a background in investments, economics, and financial planning. The penalties for violating the Gramm-Leach-Bliley Act can be quite severe. Therefore Financial Advisers need a trusted partner to defend against cyber-crime and remain in compliance.
At Gibson Financial Group, we trust Network Test Labs (NTL) to help us keep our customers data safe and secure, and you can also. To have an NTL representative reach out to you and discuss a complimentary assessment of your data security, please simply fill out the form below: