Did you know that 50% of businesses have experienced at least one cybercrime incident in the past year?*
And it’s becoming more prevalent in the financial services industry. It’s a worrying trend that could have severe financial and reputational repercussions for any advice practices caught up in a fraudulent transaction.
With this in mind, we’ve put together some information and materials so you can stay informed and think about what you may need to do to help keep your business, staff and clients protected.
Resources for clients
Resources for you
How Cyber threats affect the Financial Advice Industry
2 Australian Criminal Intelligence Commission, Cyber Security Review, 2019
3 AUSTRAC, Money Laundering and Terrorism Financing Risk Assessment – Australia’s Financial Planning Sector, 2016
4 Accenture Security, The Cost of Cybercrime, 2019
5 KPMG, Fraud Barometer: A Snapshot of Fraud in Australia, October 2016 – September 2017
6 IBM Security, Cybersecurity Resilience Report, 2018
7 Last Pass, 3rd Annual Global Password Security Report, 2019
8 Australian Cyber Security Centre, Threat Report, 2017
Adviser use only
This information has been prepared by Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) based on its understanding of current regulatory requirements and laws as at February 2020. While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), to the maximum extent permitted by law, no person including Colonial First State or any member of the Commonwealth Bank group of companies, accepts responsibility for any loss suffered by any person arising from reliance on this information. This information is for the adviser only and should not be handed on to any investor. It does not take into account any person’s individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) before making any recommendations to a client. Clients should read the PDS before making an investment decision and consider talking to a financial adviser. PDSs can be obtained from colonialfirststate.com.au or by calling 13 18 36.