Financial advisers should be spending about three times as much time training their staff each year on how to protect the firm and client data from cybersecurity dangers, experts said.
About two-thirds of financial advisers spend two hours or less annually on cybersecurity training, according to a TD Ameritrade Institutional survey of advisers taken last year. One third of advisers are spending an hour or less.
“Most firms do it only once a year and cram in an hour or two, and that's totally insufficient,” said Joel Bruckenstein, a financial industry technology consultant. “Training would be much better if it occurred more frequently for shorter periods.”
Firms generally should aim to provide about 30 minutes of training each month to everyone at the firm, going over the latest cyberscams that are going around and reminding everyone about safe online procedures and password safety, he said.
About 6% of firms spend seven hours or more on cybersecurity training, the survey found. MORE