Security in Wealth Management

The private banking and wealth management industry is often grouped with the rest of the financial services industry when it comes to discussions of security. However, private banks and wealth managers face unique security challenges and the nature of cyber-attacks differs for this subsector. Personal relationships that are at the heart of private banking and wealth management are a key factor that make the industry more susceptible to different types of attacks, and security plans must account for these key differences.

This report turns a critical eye to the discussion of cyber security in the financial services sector generally and private banking and wealth management specifically. We assess whether the generally poor outlook on the topic of security in the financial services sector is justified or if there is reason to take these views with a grain of salt.

In this report, we define a common-sense approach to thinking about security with a new framework intended to be used throughout the organization to conceptualize the most important features of a cyber security approach.