Wealth Managers Must Bolster Cybersecurity to Protect Clients and Families
Cybercriminals are increasingly targeting wealth management clients, with seniors and children emerging as vulnerable groups. To protect clients and build lasting relationships, wealth managers must adopt robust cybersecurity strategies.
Fraud has escalated as cybercriminals employ advanced AI-powered tools for phishing attacks. Wealth managers must consider the whole household, including children and elderly relatives, when safeguarding clients.
Cybercriminals exploit seniors' lack of threat awareness and resistance to social engineering tactics. Meanwhile, children's online activity and comfort sharing personal data make them prime targets for cyberbullying and cyber-grooming, leading to serious psychological consequences. To mitigate these risks, wealth managers should offer white-labeled identity theft protection services and provide cybersecurity education and prevention plans. By doing so, they can strengthen relationships with clients, benefiting future generations.
Cybersecurity is no longer just a technical issue; it's a critical aspect of wealth management. By considering specific variables and the whole household, wealth managers can protect their clients from evolving cyber threats, foster trust, and build lasting relationships.
