In mid-2023, the MOVEit cyberattack shook industries worldwide, with the theft of sensitive data from over 2,500 organisations. The breach exposed critical vulnerabilities, resulting in losses estimated at over US$100 million in direct costs, not to mention irreparable reputational damage.

For wealth management firms, the lessons from the MOVEit data breach are clear: even a single lapse in cybersecurity can have devastating consequences. As custodians of sensitive client data, the stakes could not be higher. Beyond the immediate financial impact, breaches erode trust—a currency that wealth managers cannot afford to lose.

The fallout of a cyber breach
Cyberattacks have far-reaching implications:

• Trust erosion: Clients expect their personal and financial data to be secure. A breach not only undermines confidence but can lead to significant client churn.

• Reputational damage: The media spotlight on breached organisations can deter prospective clients and business partners.

• Regulatory penalties: Non-compliance with GDPR, eIDAS, or other data protection standards can result in steep fines.

What makes wealth managers a prime target for cyber-attacks?
Wealth managers hold valuable data assets – client profiles, transaction histories, and sensitive documents – that are highly sought after by cybercriminals. The attack landscape is also evolving:

• AI-powered threats: Sophisticated phishing scams use AI to generate highly realistic messages, fooling even the most cautious recipients.

• Business e-mail compromise (BEC): Criminals manipulate email threads to redirect payments or extract sensitive data.

How can wealth managers strengthen their defences?

1. Enhance e-mail security with encryption

   • User-friendly encryption with RMail: Unlike traditional encryption methods requiring logins, passwords, or special software, RMail provides elegant, end-to-end encryption that requires no extra steps for recipients. This simplicity ensures higher adoption rates, enabling consistent use by senders and maximising data protection.

   • Compliance-ready: RMail ensures emails meet stringent regulatory requirements, from GDPR to HIPAA, giving you peace of mind.

2. Detect eavesdropping and prevent data leaks

   • Eavesdropping detection: RMail Eavesdropping real-time alerts expose compromised email accounts and detect suspicious activities, such as lookalike domains or unauthorised access.

   • AI auto lock: A cutting-edge feature across RMail, RDocs, and RSign, AI Auto Lock dynamically identifies sensitive content and applies encryption automatically, reducing human error and safeguarding your communications effortlessly.

3. Secure documents even after sending
   Document control with RDocs: RDocs empowers wealth managers to control documents post-send. Features include:

   • Tracking document views and interactions to gain insights into client engagement.

   • Setting expiration dates for time-sensitive files.

   • Revoking access to misdirected documents.

4. Streamline agreements with secure E-signatures

   • Efficient and compliant signatures: RSign offers cost-effective e-signature solutions integrated with existing tools like Outlook. Its compliance with global standards such as GDPR ensures secure and legally binding transactions.

   • Bulk and template signing: Save time with reusable templates and bulk signing options, accelerating client transactions.

The cost of complacency
Cybersecurity is not just an IT concern – it is central to building and maintaining client trust. As custodians of sensitive data, wealth managers must adopt proactive measures that protect their clients and reputations.