In the financial world, data is currency. Protecting it isn’t just an IT problem; it’s a fundamental business requirement. The risks are clear—data breaches, ransomware, and regulatory fines—but defending against them requires action in everyday routines? The concept of “cyber hygiene” provides the answer. Much like personal hygiene prevents illness, good cyber hygiene consists of simple, repeatable practices that protect your digital life from threats.
Recently, Ultimus brought together a panel of cybersecurity experts for the webinar, “Cyber Hygiene: Daily Habits that Prevent Breaches.” The session was packed with practical advice for investment professionals and back-office staff. This post will recap the essential insights and actionable steps you can take to fortify your defenses.
The Business Case for Strong Cyber Hygiene
Why should cyber hygiene be a top priority? The numbers speak for themselves. According to the Verizon Data Breach Investigations Report, a staggering 68% of breaches involve a human element. This means that a simple mistake, like clicking a bad link, can have devastating consequences.
As panelist Melvin Van Cleve, SVP of Technology at Ultimus Fund Solutions, pointed out, “The current average breach cost in the US is $10.2 million.” This figure doesn’t even account for the damage to a firm’s reputation or the regulatory headaches that follow. Sean Waldman, CEO of Secure Cyber, put it plainly: the biggest business case for strong cyber hygiene is “to stay off the radar and avoid looking bad to clients.” In an industry built on trust, a security incident can be an existential threat.
Human Error: Strengthening the Weakest Link
Human error is a leading cause of breaches, making security a shared responsibility. Experts shared these daily habits:
- Master Your Inbox with the “Hover Test”: Before clicking links, hover over them to check the destination URL. If suspicious, don’t click.
- Embrace Multi-Factor Authentication (MFA): Add a critical layer of security by requiring a second verification step for all internet accounts.
- Secure Your Passwords: Use dedicated password managers instead of browser-based ones to create and store strong, unique passwords.
A Layered Approach to Cybersecurity
Beyond daily habits, a broader security strategy is essential:
- Endpoint Protection for Remote Work: Implement Endpoint Detection and Response (EDR) solutions and encrypt devices, especially for remote employees.
- Stay Ahead with Threat Intelligence: Utilize free resources like the Known Exploited Vulnerability (KEV) Catalog, Security Scorecard, and reputable news sources (KrebsOnSecurity.com, BleepingComputer.com) to stay informed about evolving threats.
Prioritize Your Digital Safety Today
Protecting your firm from cyber threats starts with building a strong security culture grounded in good cyber hygiene. The daily habits of your team are just as important as the technology you deploy. By embracing practices like using MFA, scrutinizing emails, and managing passwords securely, you can significantly reduce your risk profile.
We hope these insights from the “Cyber Hygiene: Daily Habits that Prevent Breaches” webinar were valuable. Building a secure digital environment is an ongoing journey, and staying informed is key.
Want to learn more? Watch the full webinar recording by clicking the button below for in-depth discussions and expert insights or contact Ultimus to get connected with cybersecurity professionals in our industry.
