Cloud computing is providing RIAs and Broker-Dealers with a cost-effective, low-hassle means of enhancing the capabilities of their IT infrastructure at the same time as resolving business-critical issues, such as regulatory compliance, security and remote access.
The business world is usually quick to adopt new technologies that enable it to be more innovative, efficient, and profitable. All manner of industries are reaping precisely these rewards following their investment in the latest in information technology: cloud computing. IT infrastructure and services delivered over the Internet – the basis of cloud computing – are helping businesses to accelerate growth by facilitating more flexible and productive ways to work at the same time as reducing the expense and distraction of managing technology.
How did your firm compare with the RIAs and broker-dealers who were examined as part of the Securities and Exchange Commission’s (SEC) cybersecurity sweep? The findings, published earlier this year by the SEC’s Office of Compliance Inspections and Examinations (OCIE), revealed plenty of good practice but also that it is patchily applied.
In a recent blog post we offered guidance on how to write a secure password. It’s sound advice: every RIA, broker-dealer and asset manager reading this would do well to make it company policy. However, a new report by Recorded Future, a data mining firm, has highlighted the inherent inadequacies in IT security based on a single password – no matter how carefully constructed.
Commuting is awful, right? Whether it’s time wasted behind the wheel of a car, or while being jostled on packed trains and busses, it all has to be endured twice a day and the only variation is the amount of additional minutes consumed by traffic jams or disrupted transit networks. What’s not to hate?
The Atlantic Hurricane Season runs from June 1 to November 30. High winds and flooding regularly threaten the business-critical transport, power and telecommunications networks up and down the Eastern Seaboard, but the many RIAs and Broker-Dealers situated in the North East of the US have tended to avoid the worst of most storms.
That was not to be the case with Hurricane Sandy in 2012. The largest storm on record made landfall on October 29 at Brigantine, New Jersey. Over the next few days she would wreak havoc across New York, New Jersey and much of New England. The headlines were dramatic: 160 lives lost, thousands of homes and business premises destroyed, millions without power for several days, and a total repair estimate of $60 billion.
Take a quick look at the figures and you’re left with little room for doubt: the cloud computing market is expanding rapidly and permanently displacing onsite IT infrastructure.
Standing out among the stats reported in early 2015 on Forbes.com is a graphic from Computerworld. It contrasts the 42% of companies expecting to increase spending on cloud computing in 2015 against 24% expecting to decrease spending on hardware. Significantly, hardware is the only area of tech spending to report a significant decrease.
Remembering passwords is a fact of modern life. You might be willing to risk using one that easily memorable for something trivial like an online magazine subscription, but you simply cannot afford to take such a gamble with sensitive or valuable client and business data. And yet, it’s a safe bet that if you’ve not provided guidance, some of your employees will be using dangerously weak passwords.