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The Financial Planning Association rolled out a cybersecurity certificate program on Thursday to help financial planners protect their data and comply with requirements established by the Security and Exchange Commission and Financial Industry Regulatory Authority.
The program comes at a time when security incidents afflict financial services firms 300 times more often than other businesses, the FPA said, citing research by ID Theft Resource Center.
The FPA developed the certificate program in partnership with FCI, a financial services cybersecurity authority and participant in FINRA's Preferred Pricing Program.
The FPA program, which includes six focus areas, guides financial planners through a step-by-step process to establish a customized, long-term cybersecurity plan that ensures they are adopting reliable security measures that safeguard client data.
It also provides a record of their firm's cybersecurity practices if audited by regulators.
"A tremendous amount of data and assets are at stake, and financial planning professionals are a prime target for cyber thieves," 2020 FPA President Martin Seay said in a statement.
"With billions of dollars lost each year due to cybercrime, it's imperative financial planners earn client loyalty and trust by embracing a cybersecurity strategy that keeps data and assets safe."
