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.