Fidelity Institutional Announces Access To New Cybersecurity Solution For Wealth Management Firms>
Advisor Magazine
BOSTONâ(BUSINESS WIRE)âFidelity Institutional®, the division of Fidelity Investments dedicated to providing technology, solutions and insights to wealth management firms and institutions, today announced access to a new third-party cybersecurity offering provided by SaaS cybersecurity company, Armorblox, to better protect advisors and their end clientsâ business email from fraudulent activity. Business email compromise and email account compromise was the top cybercrime reported to the FBI in 2020 in terms of financial loss at approximately $2.1 billion[i], and this enhanced solution helps address this growing concern across the industry.

Armorbloxâs technology analyzes client emails and identifies problematic risk behavior. Armorblox uses advanced algorithms like natural language understanding, machine learning, and other artificial intelligence techniques to analyze thousands of data points and help prevent sophisticated email threats. With this solution, Armorblox can alert advisors of fraudulent emails, helping to protect them and their end clients from future risk.

According to a recent Fidelity study[ii], 67% of advisors say that the COVID-19 crisis has prompted their firms to revisit and update their cybersecurity protocols regarding using technology virtually, and 40% of advisors say that compliance, risk monitoring, and cybersecurity technology platforms became more valuable during the COVID-19 crisis. Fidelityâs 2021 Investor Insights Study shows that more than half (58%) of advised investors said they would switch financial advisors if there was any report of cybercrime or security breaches into customer accounts at their advisory firm.[iii]
Link: https://www.lifehealth.com/fidelity-institutional-announces-access-new-cybersecurity-solution-wealth-management-firms/