active Check to include Clear and return to menu Close Closed captions. Press the spacebar to toggle captions on and off. Continue Continue Exit Filter FINISH finish Definition definition Glossary Terms Menu Please rotate your device NEXT next Notes View Script Bio More info Captions pause play Send an email PREV previous Question List replay Resources resources Restart Resume Search... search Search in: Search Results Skip navigation. Press enter to return to the slide. Slide Text SUBMIT ALL submit all SUBMIT submit volume <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="Welcome to Module 3: Beyond the Law."> <Style FontSize="11" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="10" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="In this module, we will look at the drivers of cybersecurity beyond the law."> <Style FontSize="11" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="Cybersecurity makes good business sense. Financial services firms are susceptible to the bad publicity that results from a data breach. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Investors are finding that data leaks can be damaging to a company’s finances as well as to their goodwill.
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Data privacy has become a crucial metric when deciding to invest. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Most risk models now include the risk associated with data privacy and security.
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Data privacy has become a material factor when valuing organizations and determining who to do business with. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="To ensure you are using good cybersecurity practices, there are things you will need to do before and while advising. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Click each to learn more. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Before Advising"> <Style FontSize="11" FontIsBold="True" /> </Span> <Span Text="
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Although the law requires it, customers demand it: cybersecurity and privacy are good business.
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Clients want their financial advisors to provide more than asset management. Cybersecurity requirements are commonly being used as a filter to determine whether or not to do business with a firm. In many instances, before a firm or a company can begin working with a client, the firm must show they comply with regulatory cybersecurity requirements. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Just a few years ago the customer was asking financial service firms “How is my money doing”? 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="But now, investors large and small are asking, “Is my money and information about me and my money safe?”
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="In the wake of cyber-attacks, cybersecurity is a business concern. Investors have walked and will continue to walk from companies that have had a breach. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Cyber threats are complex and constantly changing. Clients are vetting their advisor’s cybersecurity policy. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="0" FirstLineMargin="0"> <ListStyle ListType="None" ListTypeFormat="Period" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Questions that are being asked include:
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="63" FirstLineMargin="36" ListLevel="1"> <ListStyle ListType="ListNumberedAsArabic" ListTypeFormat="Period" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Where will my data be stored — and who will have access to it?
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="63" FirstLineMargin="36" ListLevel="1"> <ListStyle ListType="ListNumberedAsArabic" ListTypeFormat="Period" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="What happens to my data after our relationship ends?
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="63" FirstLineMargin="36" ListLevel="1"> <ListStyle ListType="ListNumberedAsArabic" ListTypeFormat="Period" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Can we set up communication protocols and agree up front how we will handle any important communication or account instruction?
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="
"> <Style FontSize="11" FontIsBold="True" /> </Span> </Block> <Block> <Span Text="While Advising "> <Style FontSize="11" FontIsBold="True" /> </Span> <Span Text="
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Customers want to make sure proper cyber hygiene is maintained throughout the entire engagement. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Cybersecurity should be discussed openly between clients and their advisors. Gaining client trust is achieved by ensuring the security of their private data and keeping them informed.
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Teach your clients these tips: 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="13" FirstLineMargin="0"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Create strong passwords,
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="13" FirstLineMargin="0"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Only open attachments from sources with whom you are intimately familiar,
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="13" FirstLineMargin="0"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Backup your data, and
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="13" FirstLineMargin="0"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Never access financial information from a public location.
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="0" FirstLineMargin="0"> <ListStyle ListType="None" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Keeping your data safe will be much easier if your clients also know the risks and take appropriate measures. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="0" FirstLineMargin="0"> <ListStyle ListType="None" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="While you don’t have much control over what they do, every one of your clients who follows your instructions regarding encryption, passwords and attachments reduces everyone’s risk.
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text=""> <Style FontSize="11" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="A cyber-secure environment has become an expected foundation for any business relationship. The government, industry, and your customers require cybersecurity because it is the law. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Financial services firms are most susceptible to bad publicity that results from an exposure of private data. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="In fact, at 5.7%, the industry has the highest abnormal “churn rate”, a measure of lost customers.
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Having a cyber-secure environment should be highlighted as a reason to do business with your firm or company. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Having a cyber-secure environment may enable you to get higher fees or to create new products or services. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Cybersecurity is not a business killer; it’s a business maker. To make cybersecurity an integral part of your business, you must promote and advertise the secure cybersecurity environment to your clients and customers. "> <Style FontSize="11" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="The risk of cyberattack on financial services firms cannot be overstated. Financial organizations are the most attacked industry. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Valuable data assets held by financial institutions are motivation for many types of attacks. Valuable data includes:
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="49" FirstLineMargin="36" ListLevel="1"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Personal identifying information like addresses, birth dates and social security numbers,
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="49" FirstLineMargin="36" ListLevel="1"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Bank account logins, and 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="49" FirstLineMargin="36" ListLevel="1"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Bank employee usernames and passwords.
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Investment banks and other non-commercial entities have information surrounding:
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="49" FirstLineMargin="36" ListLevel="1"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Investment strategies, 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="49" FirstLineMargin="36" ListLevel="1"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Mergers and acquisitions, and 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="49" FirstLineMargin="36" ListLevel="1"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="Market influencers that would be sought after by actors motivated by espionage."> <Style FontSize="11" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="Hackers are in the cybercrime business because information is valuable. The dark web provides a marketplace for stolen digital information. The dark web is the part of the Internet that is not visible to search engines and requires the use of an anonymizing browser called Tor to be accessed. The dark web continues to be a place to buy and sell digital information. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="A recent Financial Services Threat Landscape Report stated a number of key cybercrime findings: 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="49" FirstLineMargin="36" ListLevel="1"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="91% increase in the number of corporate email addresses targeted by phishing scams;
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="49" FirstLineMargin="36" ListLevel="1"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="135% increase in bank data available for sales on dark web marketplaces over the last year; 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="49" FirstLineMargin="36" ListLevel="1"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="149% increase in stolen credit card information; and 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Style LeadingMargin="49" FirstLineMargin="36" ListLevel="1"> <ListStyle ListType="Bullet" BulletChar="•" BulletFont="Arial"> <BulletPicture Size="0x0" /> </ListStyle> </Style> <Span Text="151% increase of attack probability, per bank. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Cybercrime continues to grow because the market demand for stolen digital information continues to increase. "> <Style FontSize="11" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="Traditionally, the top products sold on dark web black markets were drugs, prescription medicines, stolen credit cards, and personal information. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="The last two to three years has seen a growing trend of trading bank accounts logins, bank employee access credentials, merger and acquisition information and investment strategies.
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="Black markets are full of vendors that offer “high balance bank accounts logins” at major banks within the USA, Europe and Asia.
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="The sale of financial data and information is highly profitable and can be easily traded in a market place on the dark web.
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text=""> <Style FontSize="11" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="The impact of a cyber breach to the firm can be huge: a loss of private information as well as a loss in business. The actual cost of a breach, on average, is on the rise. The average cost of a breach at the end of 2017 was over $7 million. That breaks down to $225 per compromised record or $150 in indirect costs and $75 of direct costs."> <Style FontSize="11" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" BulletFont="Arial" /> </Style> <Span Text="It’s time for a quick check! Be sure to click submit when you are done."> <Style FontSize="11" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Span Text="Cybersecurity requirements are being implemented because not just because it is the law, but because good cyber hygiene is a business maker. 
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="We are all integrated in a worldwide digital network. This is what makes it easy for us to do business and what makes it easy for cybercriminals to profit from the private information we hold.
"> <Style FontSize="11" /> </Span> </Block> <Block> <Span Text="The cost of a cyber breach means that everyone must comply with new cybersecurity policies and procedures."> <Style FontSize="11" /> </Span> </Block> </Content> </Document> <Document xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"> <Content> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletFont="Arial" /> </Style> <Span Text="For a smooth experience, use the buttons at the lower-right corner to navigate from one screen to the next.
"> <Style FontSize="11" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletFont="Arial" /> </Style> <Span Text="Use the menu as your Table of Contents. 
"> <Style FontSize="11" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletFont="Arial" /> </Style> <Span Text="
"> <Style FontSize="11" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" /> </Span> </Block> <Block> <Style FlowDirection="LeftToRight" LeadingMargin="0" TrailingMargin="0" FirstLineMargin="0" Justification="Left" CustomTabStops="" LineSpacingRule="Single" LineSpacing="20" SpacingBefore="0" SpacingAfter="0"> <ListStyle ListType="None" ListTypeFormat="Parentheses" Color="#000000" BulletFont="Arial" /> </Style> <Span Text="You can also click the View Script tab to read along.Click the next button to begin."> <Style FontSize="11" FontIsBold="False" FontIsItalic="False" FontIsUnderline="False" FontIsStrikeout="False" /> </Span> </Block> </Content> </Document>