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Stop Wealth Management Data Breaches
Ron Arden February 13, 2019
Cybersecurity Data breach Data security Insider threat

Encrypt and control sensitive wealth management data

The financial services industry is a frequent target of hackers, but a larger threat may be trusted insiders since they have access to a lot of sensitive customer data.  Advisers within wealth management practices regularly share data with other advisers, staff members, a counterparty or a trusted third-party service provider. They may inadvertently or deliberately share that data with unauthorized people and pose a risk to their firms and customers. Once shared, most firms have no control over that data. The Ponemon Institute illustrates this risk by reporting that 65% of cyber breaches originated with third parties.

Insiders regularly share customer or other sensitive information with colleagues and third-parties by generating and downloading reports from a database. Typically the reports are spreadsheets which make it easy to analyze the data. Access to the database may be restricted, but once in a spreadsheet, the sensitive data is easy to share with anyone.

Fasoo Presents Incident Response Solution
Ron Arden November 28, 2018
Cybersecurity Data breach Data security Insider threat

Bill Blake shows how Wrapsody helps manage an incident response plan Fasoo sponsored and presented at an event in Columbus, OH on November 13, 2018 entitled “Incident Detection, Response and Recovery” highlighting how to prepare and manage an incident response plan for cybersecurity and data protection.  Presented and cosponsored by Catalyst Solutions, IBM and Huntington Insurance, the event brought together experts in legal, insurance, law enforcement, government, accounting and security disciplines to discuss the legal, technical and business issues of preparing for and responding to a data breach.

Bill Blake, Senior Vice President and CCO of Fasoo, presented Incident Response & Recovery: Secure Collaboration for Critical Information which highlighted the Wrapsody platform as a solution to help manage the development, access and control of an incident response plan (IRP).  Bill showed an example of a CISO, Legal Counsel and an external Advisory firm securely collaborating on an IRP and how to control who could access the plan and any supporting documents involved in a response.  The example showed how easy it is to securely collaborate on developing and managing the plan, but also on limiting access prior to, during and after a breach occurs.  Since Wrapsody encrypts documents and controls their access, it guarantees only authorized users can access them.  This is critical because if an incident response plan got into the wrong hands, malicious insiders or external parties could compromise an organization’s data security.