White Papers

Are you doing all you can to protect your data properly?

Posted by Asset Managers Audience Broker-Dealers Family Offices Registered Investment Advisors White Papers No Comments
DEALING WITH CYBERSECURITY INCIDENTS IS NOT A QUESTION OF ‘IF’ IT HAPPENS, BUT RATHER ‘WHEN’

Cybercrime continues to be a very serious problem in the financial industry. The number and sophistication of malicious attacks has increased over the last few years and is not expected to slow down anytime soon. While the latest OCIE alert shows a marked increase in overall cybersecurity preparedness and awareness by advisors and broker-dealers, there are still areas where firms are failing. This white paper details our observations in the field and provides real-world guidance to the security issues advisors and broker-dealers are facing on a daily basis.



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Not all Clouds are Equal: Demystifying the ‘Public Vs. Private’ Debate

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Is the Cloud Secure Enough to Support a Wealth Management Firm’s Critical Company Information?

Different clouds do different things. As such, choosing the right approach to the cloud can have a significant impact, both short- and long-term on a wealth management firm’s business.

Ask a wealth management colleague to define “the cloud” and you are likely to get a vague response. Even among IT experts the term “the cloud” can have different meanings. And despite the fact that cloud computing has become the IT norm, questions remain about its security remain.  The truth is not all clouds are equal in infrastructure and in management.  This white paper is for wealth management professionals who seek to understand “the cloud” and how these technologies can support their overall business goals.

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SaaS and You: How to Safeguard your Client Data in the Cloud

Posted by Asset Managers Breakaway-Advisors Broker-Dealers Family Offices Registered Investment Advisors White Papers No Comments

Are Your SaaS Applications Safe?

If your firm is like most modern wealth management firms, you use a variety of business and financial software packages, many of them “in the cloud.” Unfortunately, security controls vary significantly from one SaaS provider to the next.

Therefore, you need to make certain the providers you share your client data with have invested in state-of- the-art security measures. All it takes is one cyber breach with the vendor directly or a company the vendor contracts with to put your firm at risk. Read our white paper to learn what to look for when selecting SaaS vendors, as well as additional security measures you should implement to protect your firm.



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Choosing The Right Approach As A Breakaway RIA

Posted by Breakaway-Advisors White Papers No Comments

Why are so many advisors leaving huge banks and brokerages?

Hardly a day passes without news of a financial advisor, or an entire advisory team, breaking away from their employer to set up an independent firm. Recent data about the success of independents hints at the opportunity.

A benchmarking study found that 42% of participating RIAs have doubled revenue since 2009 and half of the firms increased assets under management by 75%.

Independent advisors who make technology, security and compliance central to their process have the advantage when navigating startup decisions. This guide will help you understand the most pressing decisions for breakaways and how deploying the best technology at every step of the process enables you to make the right choices for your business.

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External IT FINRA White Paper

FINRA Intensifies Cybersecurity Guidance for Broker Dealers

Posted by Broker-Dealers White Papers No Comments

Prepare for a regulatory deep dive as computer-based threats grow in importance.

Broker-dealers and RIAs are becoming a bigger target than ever this year as regulators clamor to strengthen the cybersecurity practices of financial institutions. Due to its mandate of protecting investors and market integrity by overseeing securities firms, the Financial Industry Regulatory Authority (FINRA) has taken a leading role in this initiative.

The alarming truth is that many broker-dealers have failed to stay up to date with cybersecurity controls, and must swiftly get in compliance with all computer-related rules that FINRA enforces or else risk disciplinary action. The agency also operates in coordination with The Securities and Exchange Commission (SEC), as well as other federal agencies that are concerned about cybersecurity, thus our report will also touch on some of the most relevant rules from those other organizations like:

Regulatory/Disciplinary Timeline, Risk/Change Management, Cyber-security, Outsourcing, Data Governance, and How to Prepare.


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Obervations from the Field White Paper

Observations From the Field: A Response to the September OCIE Risk Alert

Posted by Breakaway-Advisors Export Registered Investment Advisors White Papers No Comments

On September 15, 2015, the SEC issued a new Risk Alert on cybersecurity that registered broker-dealers and investment advisors need to review closely. As part of the September Alert, OCIE announced it will issue a new round of examinations and review a larger number of areas.

With cybersecurity a top priority at many financial firms, External IT has put together this whitepaper to help guide you through OCIE’s new examinations. As an IT outsourcing firm who specializes in the financial services industry—and provided security assessments to the wealth management industry for years—External IT has first-hand knowledge of how firms are handling cybersecurity. In this detailed response we break down all six areas areas of review using real world examples and provide recommendations to take practical steps towards managing your security and compliance programs.





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SEC OCIE Cybersecurity Intiative – Analysis

Posted by Broker-Dealers Registered Investment Advisors White Papers No Comments

The U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert on April 15, 2014. SEC regulated firms need to implement cybersecurity controls to protect customer data. This alert was developed to provide guidance to registered broker-dealers (BD) and registered investment advisors (RIA) regarding assessment of their respective firms’ cybersecurity preparedness. The Risk Alert is not a request for any information to be provided to the SEC at this point in time.

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