Cybersecurity ‘Not Designed for the Human Psyche’
New malware is discovered every 90 seconds
Protecting their firms from hackers is not a spending problem for advisors, Payton said, it’s a thinking problem. “Security doesn’t always require opening a checkbook.” but it does require advisors to think differently and creatively about where they are vulnerable, she said.
One huge vulnerability is the clients themselves because cybersecurity protections aren’t “designed for the human psyche.” She said 95% of breaches over the past two years have been a result of human error, and of those, 78% were because the user was tricked.