How to keep your business and clients safe from cyber crime

Carefully monitor and vet your cyber supply chain

Much like patients trust their doctors to manage their health discreetly, advice clients expect their personal information, goals and investments will be kept private. However, if you’re using multiple systems to collect and manage data, there’s a potential for that information to fall into the wrong hands.

For example, with the recent MediSecure hack, which leaked private health information, a third party was blamed for the release of information.

It’s therefore important to carefully vet third parties to ensure they have robust processes in place to keep your clients’ information secure. At intelliflo, we ensure that only a select group of people have access to our customers’ information through robust Identity and Access Management (IAM). In other words, only people who have authorised access can view specific information and that access is regularly reviewed. We also engage trusted external agencies to oversee our processes to ensure we’re doing the most we can to keep customers’ data safe.

In recognition that cyber crime is a persistent and escalating threat to all businesses, we decided to increase the number of cyber security experts on our team, too.

Embrace technology to protect clients’ sensitive information

Financial advisers regularly communicate with their clients and often, that communication involves sensitive personal or financial information. If intercepted or emailed to the wrong address, the results can be catastrophic, ranging from identity theft to scams impersonating an official party.

Recent statistics from Scamwatch show cyber crime involving ‘attempts to gain personal information’ – including phishing, identity theft and remote access scams – have cost Australians more than $20m in 2024 alone. Sadly, more than half of the losses have been reported in the 65+ age group.

To avoid these risks, secure technology, such as client portals, are increasingly being favoured to share information safely. Insights from intelliflo indicate clients in the 60-69 age bracket are the highest users of client portals, with security among the attractive features for this cohort. Access to client portals is limited and protected, which can help to reassure clients that their sensitive information is unlikely to be viewed by anyone beyond their trusted adviser.

Use systems with accredited security certification

If one weak link in the chain can make your business vulnerable, how can you trust the systems you use are up to scratch when it comes to cyber security?

One way is to review the standards external providers meet by looking at their accreditation. For instance, our solutions are validated by ISO 27001 certification, which means that we adhere to the highest recognised standard of information security compliance. As part of that, we commit to maintaining and regularly improving our information storage methods.

Cyber.gov.au – the hub of the Australian Cyber Security Centre – recommends small businesses ask a few key questions, including:

• Does the third-party follow its own cyber security process for its system?
• Does it use secure coding practices?
• Has the business made a commitment to maintaining the security of its products and services?

Adopt a proactive approach

Hackers’ methods evolve quickly in order to evade detection, which means businesses need to stay a step ahead to keep their data safe.

Ways to elude cyber criminals include:

• Continually updating software to ensure it has the most up-to-date protection against potential, emerging threats;
• Changing passwords and passphrases on a regular basis;
• Avoiding shared accounts, as they are less secure and potentially more difficult to trace;
• Using Multi-Factor Authentication (MFA) to try and limit the ability of third parties to hack into your systems.

Register for alerts about Cyber Crime

To keep on top of the latest tricks cyber fraudsters are using, consider subscribing to alerts or regularly checking in with verified sources, such as the Australian Securities and Investments Commission (ASIC), Scamwatch and the Australian Cyber Security Centre. Being aware of active scams can help you and your team to avoid them.