What Should Advisers Look for in Technology Vendors?
In today's digital environment, all advisors should vet their technology providers.
We've rounded up the top 3 things to look for when you're looking to hire a new company in the tech arena!
1. Make sure every piece of software the firm licenses has a mechanism for alerting relevant parties of any strange behavior, something cybersecurity experts call "indications of compromise." For instance, an IOC that can shut down a system and alert the adviser if there are too many failed logins to a client portal.
2. Require security standards and certifications from any technology you use.
3. Ask about the physical security controls of a tech company's offices or data centers. Is there 24/7 security and video surveillance? Are there backup power generators? Are data centers complying with standards like Tier IV, SOC 2 or ISO 27001?
Of course, the above items aren't all you should ask, but they're a solid start for a strong security foundation!