Cybersecurity is important in personal finance

Presented by Forvis Mazars

This post was paid for and produced by Forvis Mazars. The Daily Citizen newsroom was not involved in the creation of this content.

In today’s rapidly advancing digital world, wealth is measured no longer just by what you own but also by how well you protect it. For high-net-worth individuals and families, personal financial security is inseparable from cybersecurity. As financial services become more digital and interconnected, the risks associated with cybercrime have grown significantly, making cybersecurity a foundational pillar of modern wealth management. 

The risk is real

Cybercriminals are becoming more sophisticated, targeting affluent individuals not just for their wealth but for their personal information, which can be exploited to gain access to financial accounts, commit fraud, or launch identity theft schemes. From phishing emails and malicious links to data breaches and even account takeovers, the types of cyberattacks are wide and constantly evolving, particularly as artificial intelligence and other technologies swiftly evolve. 

When it comes to wealth preservation, traditional solutions-based approaches such as diversification, estate planning, and tax strategy are no longer sufficient on their own. Cybersecurity must now be considered a core component of an in-depth financial plan.

Cybersecurity tools

Wealth management professionals are increasingly utilizing practical, proactive resources to help reduce digital risk and provide peace of mind. A few of these tools include:

1. Cybersecurity assessments: Periodic reviews of digital risk exposure, especially for family offices or individuals with multiple devices and digital accounts, to help stay up to date. 
2. Education & awareness: Know how to spot phishing scams, fraudulent emails, and suspicious activity. 
3. Secure communication tools: Use encrypted messaging and secure client portals for financial communications instead of relying on unprotected email to help safeguard data.
4. Incident response planning: Have a protocol in place for reporting fraud or identity theft to help in recovering from a breach quickly and effectively. 

The role of the wealth advisor is to be a trusted steward of client wealth. Advisors play a vital role in initiating cybersecurity conversations and integrating digital protection into the broader wealth management framework. This includes collaborating with estate planners, CPAs, and IT consultants so cybersecurity risks are considered alongside complex challenges such as tax efficiency, multigenerational planning, and investment strategies.

By encouraging a mindset of digital security awareness, advisors not only can help protect clients from today’s cyberthreats but also reinforce the value of their role in an increasingly nuanced and interconnected financial world. If you have any questions or need assistance, please reach out to a professional at Forvis Mazars.

Forvis Mazars Private Client services may include investment advisory services provided by Forvis Mazars Wealth Advisors, LLC, an SEC-registered investment adviser, and/or accounting, tax, and related solutions provided by Forvis Mazars, LLP. The information contained herein should not be considered investment advice to you, nor an offer to buy or sell any securities or financial instruments. The services, or investment strategies mentioned herein, may not be available to, or suitable, for you. Consult a financial advisor or tax professional before implementing any investment, tax or other strategy mentioned herein.  The information herein is believed to be accurate as of the time it is presented and it may become inaccurate or outdated with the passage of time.  Past performance does not guarantee future performance. All investments may lose money.

For additional information, please contact:

Travis Liles, Director, 417.865.8701, travis.liles@us.forvismazars.com

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