Cyber-Attacks Increase 80%: Dr. Michael Geist Addresses the Risks at DACPosted: July 17, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking, Current Issue, Financial Literacy, knowledge bureau, Evelyn Jacks, distinguished advisor conference, financial education, privacy, Real Wealth Manager, cybersecurity, Finance Department, Trump, artifical intelligence, cyber breaches, data security, Michael Geist, privacy laws, Zuckerberg, Kremlin, election hacking, Deloitte, conferences, Putin
Cyber-security has been the subject of daily political news on the world stage, but it hits close to home, too. In 2017, the Federal Conduct Authority (FCA) in the U.K. reported that cyber-attacks in the financial sector increased by 80 percent. Managing this critical risk is the subject of a riveting keynote at this fall’s Distinguished Advisor Conference (DAC) in Quebec City by esteemed columnist and Internet and E-Commerce Law Research Chair, Dr. Michael Geist.
Dr. Geist will begin by discussing law, technology and privacy, focusing on what political parties and businesses are doing on the internet and their impact on all of us. Most importantly, he will discuss the roles and responsibilities of financial intermediaries in a technology-enabled practice, and how you can become more vigilant in protecting clients from privacy breaches in this session.
Cybersecurity is a subject that has been among 2018’s top headlines, from Zuckerberg’s Senate testimony, to this week’s coverage of the Trump-Putin Summit and the indictments served on Kremlin election hacking. These issues aren’t only occurring south of the border either.
In fact, it was just revealed by the Canadian Press earlier this month that an assessment revealed a “medium” risk of an attack against the federal Finance Department that would have a “significant” impact. This risk also extends to the private sector, according to a report by Deloitte that notes the need for cybersecurity experts is growing by 7 percent annually; a demand that can only be met if 8,000 workers enter the sector by 2022. An unlikely feat, says Deloitte, in an industry with a zero-percent unemployment rate, under-skilled workers and global employment competition.
The pace of change accelerates every day and we need to understand how policies are developed to ensure organizations — including those operated by tax and financial advisors — are secure from cyber-attacks and copyright infringements. It is often difficult to balance these potential implications with access to data. There are enormous opportunities for business, but there are privacy and security risks that must be managed and policies that need development.
Canada has unveiled a new cybersecurity strategy, pledging $507 million; but in the interim, this is a real issue affecting tax and financial advisors and your clients. Register to attend DAC today, as you don’t want to miss the opportunity to learn from one of Canada’s most esteemed experts on the subject.
Dr. Michael Geist topic, Cybersecurity & Privacy: Striking the Balance is a highlight of Day 1 of the Distinguished Advisor Conference, as one of a roster of speakers addressing the theme “The Changing Face of the Global Economy.”
Additional educational resources: Protect the best interests of your clients with a holistic, multidisciplinary, client-centric approach by earning your Real Wealth Manager designation.
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