Practifi launches adviser cybersecurity product

Practifi has launched a cybersecurity product for Australian advisers in light of the increased risk of hacking.

Earlier this year, the Australian Securities and Investments Commission (ASIC) said enhanced cybersecurity was one of its top four priorities for 2022.

According to the Australian Cyber Security Centre, there had been a total of 76,000 reports of cybercrime in Australia during 2022.

Practifi Protect allowed advisers to monitor reports, view user logins, report downloads and file access. It used encryption to secure credit card details, health history, account balances, insurance policies, wealth information, and any other personally-identifiable information that may be stored in company systems.

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Umesh Banga, senior director, Go-to-Market at Practifi, said it was critical advisers could monitor activity and track who was accessing their platforms in real time.

“It has been said that there are two types of advice firms; those who have faced a cyber-attack and those that will.

“As gatekeepers to the personal data of millions of investors, advisers are right to be concerned about threats from cybercriminals who are trying to break into the data advisers manage.

“The financial and reputational costs of not taking responsibility and precautions with sensitive data are steep. Technology partners can help advice firms better manage and shoulder the burden of ongoing cyber threats to their business."

There was the additional issue of staff working remotely with 41% of Australians regularly working from home over the last 12 months.

“Unsafe Wi-Fi networks, personal device usage, email scams and weaker security control have all led to an increase in cyber attacks amongst remote workers,” Banga said.