High-net-worth clients (HNWIs) possess highly sensitive financial information and assets, making them attractive and common targets for cyberattacks – and these attacks are only becoming more advanced and sophisticated. Strong digital security is crucial to protect their data and privacy.

Plumb has decades of experience protecting the security and privacy of our high-net-worth clients. In this document, we review the methods and processes Plumb has put in place to reduce risk and ensure data protection in a world where cyber threats are increasing and continually evolving. We also include important recommendations and best practices which should be employed to protect high-net-worth clients.

Rising Sophistication of Threats

Implementing basic security practices is effective in reducing risk and securing data; however, due to ever evolving cyber threats and the increased use of artificial intelligence (AI), it is critical to use advanced tools and methods to provide additional protection. Early phishing attacks were relatively easy to identify:

• Obvious subject lines like, “You’ve won a prize” or “update your password” were common.
• Poor grammar and misspelled words.
• Generic salutation/introduction.
• Request for immediate or urgent response.

However, the sophistication of phishing email attacks and campaigns have greatly increased with new technologies and AI. Today, most people can be easily tricked into opening and acting upon phishing emails because the messages appear to be authentic and legitimate. Due to the increased sophistication, it is important to always abide by the following guidelines when opening/processing e-mail:

• Always be alert when reviewing e-mail.
• Verify the sender’s e-mail address.
• Be suspicious of messages that are demanding an urgent response.
• Never click on embedded links.

Forward suspicious messages (as an attachment) to your IT team for analysis. New attacks exploit vulnerabilities in outdated technologies and procedures, which is why it’s more important than ever to update security platforms and protocols – and to stay vigilant.

Practical Security Measures

Training Staff

Providing staff with regularly scheduled Information Security (IS) training is crucial in the protection against cyber threats and data compromises. These training sessions need to be current, providing members with information on the latest threats and security techniques and methods to avoid attacks. The training enhances awareness, promotes safe and secure behaviors, and equips members with the knowledge to both identify and mitigate security risks.  Frontline staff and their IT team must work closely together to minimize risk and maximize data protection.

Secure Password Management

Utilizing online password storage platforms like Keeper, which employ zero-knowledge encryption and multi-factor authentication (MFA), protects login credentials and other sensitive information. These secure online tools allow users to use unique, highly complex passwords which cannot be easily memorized. Zero-knowledge encryption protects data with a master password which is known and maintained by the end-user alone. Neither the admin nor the platform developer has access to the user’s password or data. This type of encryption provides numerous benefits: reduces risks from data breaches, insider threats, or unethical practices; even if a service is hacked, your encrypted data remains secure, and it helps meet industry standards related to strict data privacy regulations.

Advanced Threat Detection

Advanced threat detection goes beyond basic antivirus software by using smarter tools and techniques to identify and stop sophisticated cyberattacks before they cause harm. Utilizing cloud-based firewalls with intrusion detection systems allows early identification of unauthorized access attempts, password guessing, and port scans.

Secure Cloud Migration

Shifting from a private cloud to a well-established platform like SharePoint OneDrive simplifies access while offering robust security features and data collaboration options.

Layered Security Solutions

Multi-Factor Authentication (MFA)

Mandatory MFA adds an extra layer of protection beyond basic user credentials like usernames and passwords. A properly configured MFA reduces fraudulent sign-ins, system compromises, and account takeovers by 99%. MFA is a powerful tool that strengthens security and fosters trust in the digital world. It is a simple but effective way to significantly enhance online security and protect valuable information.

Microsoft Security Suite

Leveraging Microsoft Defender for endpoint and server protection, Data Loss Prevention (DLP) for sensitive information detection, and email encryption ensures comprehensive security of emails and data. Microsoft Defender scans all incoming messages and quarantines threats before they reach the user’s computer. The individual computers include their own anti-malware scanners for additional protection.

Plumb utilizes Data Loss Prevention to scan outgoing emails for sensitive information like social security numbers or wire transfer instruction. Messages which contain sensitive information are returned to the sender with instructions on how to enforce message encryption.

Least Privilege Access Control

Granting access to systems and data on a “need-to-know” basis minimizes potential exposure and strengthens overall security posture. At Plumb we have implemented processes with clearly defined separation of duties in the requesting, configuration, and verification of permissions.  This process includes a verification step where permissions are audited and verified on a periodic basis, ensuring that user’s access is restricted to a “need-to-know” basis.

By implementing both practical and layered security measures, by staying on the cutting-edge of cybersecurity, and through consistent updating and auditing of the systems and procedures in place, team members working with HNWI clients are reducing the risk of cyberattacks and safeguarding our clients’ valuable information in the ever-evolving digital landscape.

Discover the Plumb Advantage: Contact us at sales@thinkplumb.com to explore how Plumb’s expertise and state-of-the-art security and privacy protocols can deliver peace of mind. Let us tailor solutions to meet your unique financial goals, providing the specialized attention your wealth deserves.