PaymentsJournal’s Post

Financial advisors do not have to become cybersecurity experts. Identity protection services (IDPS) providers specialize in identity fraud prevention, and many such companies offer turnkey solutions. “Financial advisors could do a much better job of partnering with identity protection services providers, or at the very least recommending them to their clients,” Tracy K., Director of Fraud and Security at Javelin Strategy & Research said. “Portfolio planning should always include identity protection for the entire family.” Read more: https://ow.ly/TzJy50SL2Sc #fraud #cybersecurity #scams #wealthmanagement

As our lives become more digital, so do the risks. According to recent insights from PaymentsJournal, affluent families are increasingly targeted. From gaming apps to social media, affluent kids are exposed to cyber risks that many parents might not even be aware of. As Tracy Kitten and Greg O'Gara pointed out in their recent podcast, the digital footprint of affluent children makes them prime targets for cybercriminals. Education and awareness are key. Integrating discussions about cyber risks can help to protect the entire family's digital well-being. Whether it's recommending identity protection services or educating parents on the dangers of social oversharing, every step counts. #CyberSecurity #DigitalRisk #Fintech

Ongoing financial advice requires a bond of trust between advisor and client. With the expansion of digital engagement, and the ability for consumers to seamlessly spend and move money, clients now expect wealth managers to extend this bond of trust to cyber well-being and digital financial security. “Advisors must consider their value proposition and move toward holistic financial planning,” Greg O'Gara, Lead Wealth Management Analyst at Javelin Strategy & Research said. “They must foster engagement through ongoing conversations about risk in terms of goals and investments. Once that level of engagement exists, advisors must further nurture their clients and educate them about cyber risks and how they can protect themselves.” Read more: https://ow.ly/u81o50SAtum #fraud #cyberrisk #risk #scams #cybersecurity

In case you missed the news, we recently announced our official US launch! KYND has always focused on demystifying cyber risk. We’re excited to expand our work with US insurers, underwriters, brokers, public entity pools, and more, offering actionable cyber risk insights that matter most to companies. Learn more about this announcement — and how we can help your business: https://hubs.li/Q02JR_Nl0 #cyberrisk #cyberinsurance #insurtech

Worried about risk and fraud? Z Omni Serve can help you identify, assess, and mitigate risks, so you can focus on innovation and growth. 📈 Read our blog to learn more about how we can help you: https://lnkd.in/dmaD7hTU #riskmanagement #fraudprevention #zomniserve #businessrisk #corporatefraud #cybersecurity #compliance #riskintelligence #frauddetection #riskmitigation #businesscontinuity #reputationalrisk #itconsulting #consulting #marketing #marketingconsulting

KYND’s technology is built with one purpose in mind: to demystify cyber risk management. And today, we’ve officially launched in the United States! A steady rise in attacks on US-based organizations has highlighted the vulnerabilities bad actors can exploit and underscored the urgent need for effective cyber management solutions. Our work with US insurers, underwriters, and brokers will continue to unlock cyber resilience across the globe, offering simple and actionable steps to price policies accurately, avoid adverse selection, and access transparent data. Learn more about this exciting milestone: https://lnkd.in/gR4ach4X #cyberrisk #cyberinsurance #insurtech

In this article, the Insurance Times asks contributors, including our own Tom Draper, Allianz's Scott Sayce, BIBA's Graeme Trudgill FCII, Cert Mgmt, JM Glendinning's Andy Parkin, Aon's David Molony and CFC's Beth Granger the question: How can brokers help mitigate the evolving cyber threat and lead in the market? https://lnkd.in/eSwN8DSQ #cyberinsurance #cyberrisk #insurancebrokers

Cybercrime volume has peaked at its highest for every industry, with 2,200 attacks a day. As we grow into the convenience of utilizing web-based practices, we also become more susceptible to becoming a victim of an attack. Are you protected against the odds? Read and learn more about strategizing risk management. #USIExecutiveSeries #USI #Cybercrime

Cyber risk represents a dynamic and frequently misunderstood category of risk. The swift pace of technological advancement, coupled with the expanding capabilities of hackers, alongside the unpredictable nature and potentially high costs of cyber incidents, compound the complexities and elevate the importance of cyber risk management. Various forms of cyberattacks exist, including denial of service (DOS), data breaches, ransomware, theft of sensitive information, financial resource embezzlement, and supply chain disruptions. What unifies these attacks is their ability to disrupt organizational operations. While short-term losses from ransom payments and financial cyber theft may seem significant, they often pale in comparison to the enduring costs stemming from operational interruptions. According to the estimates by the National Health Care Anti-Fraud Association (NHCAA), healthcare fraud costs the United States tens of billions of dollars each year. The exact amount lost to healthcare fraud is difficult to determine, but it is estimated to be in the range of $68 billion to $230 billion annually. Contact: WILLIAM COFRANCES Director of Alternative Risk Cell: 203.464.2400 | [email protected]

As the cyberthreat landscape continues to evolve and data breaches become more prevalent, it’s crucial for credit unions to stay one step ahead. Third-party service providers play a significant role in the operations of credit unions, but are they truly safeguarding your valuable data? #Cybersecurity #CreditUnions