MEDIA RELEASE: The Financial Planning Association of Australia (FPA) has released new guidance to members about cybersecurity, amid greater pressure on advice firms to protect their business and client data from potential breaches.

Located on the FPA’s member portal, the interactive guide assists members through the basic steps of adding cybersecurity safeguards to their business.

The guide covers topics including:

• why cybersecurity is important,
• regulatory and legal obligations,
• examples of advice-related cybersecurity issues,
• practical mitigation steps, and
• links to additional resources and webinars.

This will be the first in a series of guides on cybersecurity and privacy principles to help members meet both their ethical obligations to protect clients and their regulatory obligations.

“Cyber risks are an imminent threat to businesses, the success of individual financial planning practices, and the security of clients’ financial information,” says FPA Chief Executive Officer, Sarah Abood.

“However, cybersecurity can be overwhelming for many financial planners with confusing software and technology jargon.

“It is therefore critical that the FPA takes the lead in safeguarding advice practices and their sensitive client data. This guide will be a critical first step in helping financial planning firms become more confident in protecting their businesses from cybersecurity threats.”