Innovation, cyber security and data protection reform policy need to be top priority for the stability and growth of UK businesses.
David Cameron said: “We need to make sure the UK remains one of the most cyber secure places in the world to do business. It’s great news that even more companies have signed up to our Cyber Essentials Scheme to keep themselves safe and we will continue to invest in supporting companies of all sizes with their cyber security.”
On Friday 16th January Cameron announced Cyber security boost for UK firms including updates to 10 Steps to Cyber Security: Advice Sheets. Next steps are to translate and integrate to business practices and systems.
Wealth management will be affected by ‘New European regulations, (data protection reform) set to take effect in 2017, will introduce much bigger penalties for failing to report data breaches, meaning the public will be much more likely to hear when they occur. It will also move the spotlight on to companies that fail to deal with their vulnerabilities, and those whose weak defences may in turn expose other firms’. (Financial Times article ‘Cyber criminals target your wealth’)
“The high-value clients are a target, the person who manages the clients is an even bigger target, and the firm they work under is an even bigger target,” Dan Hirning, the founder and CEO of Prilock, a new company from Carlsbad, Calif. offering cybersecurity training. (WealthManagement.com ‘The Next Big Thing in Cybersecurity‘)
Security is primary concern not only for wealth management firms and their clients, but for those who support growth and innovation of the industry. Level39, Europe’s largest technology accelerator space for finance, cyber-securities, retail and future cities technology companies makes security top of their agenda.
￼Olswang Law Firm ‘EU Data Protection Reform: Where are we – and what can you do to prepare?‘
Markets in Financial Instruments Directive II (MiFID II)