The rise of cyber security awareness in advice

Shane joined the podcast to discuss the recent landmark ruling, in which the Federal Court found that local firm RI Advice breached its licence obligations by failing to have adequate risk management systems to manage its cyber security risks, and what it means for advisers and practices moving forward.

Shane suggested that cyber security be one of the top priorities for firms.

“I completely acknowledge and appreciate that there is a huge amount of competing risk issues at the most senior levels of organisations, where it's hard to distil all that down and give everything a voice. But cyber security absolutely has to be there,” he said.

“If I'm a financial adviser, I'm doing things using technology every single day in my interactions with clients, in my upwards reporting.

“So technology is embedded in everything that we're doing. And for that reason, cyber security has to be in some of the top risks that you're considering.