PIMFA WealthTech, the market network and technology platform that brings the FinTech and wealth and investment management sectors together has today (17 September 2024) launched their latest focused Tech Sprint on Cyber Security.
PIMFA WealthTech was launched by the trade association PIMFA to focus on bringing financial institutions and the FinTech ecosystem together to accelerate digital transformation and innovation across the industry.
With the launch of this Tech Sprint comes an invitation for FinTech firms to participate in this latest challenge by identifying and evaluating a range of effective technology solutions which can be deployed to strengthen firms’ cyber security defences. Specifically, the question being posed to them states:
“How can a specialist cyber security Fintech provide unique and additional value to support wealth managers in preventing, detecting, responding and recovering from cyber security attacks?”
This topic was chosen as the statistics are both alarming and speak for themselves, with latest figures showing that the number of cyber-attacks rose by over 200% after the pandemic and on average the cost of cybercrime for financial services is 40% higher than other industries – with the average cost of a data breach at $5.9 million (the global average is global is $4.45 million) *. Not to mention the disruption and in some cases devastation this can bring to people’s lives when their lifetime savings are at risk.
Mayank Prakash, Group Chief Operations Officer, Evelyn Partners and Chair, PIMFA WealthTech Advisory Council, commented: “Clients trust wealth managers with not just their money but also their hopes and life goals. Securing client information in a world where many organisations have experienced a security breach is a daunting task with the pace and severity of cybercrime accelerating all the time.
Business continuity and protection for both the organisation and their clients is paramount, which is why this Tech Sprint is important and valuable. We look forward to seeing the unique and innovative solutions that are presented as we lay this challenge out to the wider Fintech community”. Commenting on the initiative, PIMFA Chief Commercial Officer, Richard Adler commented: “Wealth Management and Financial Advice firms and their clients face a constant and growing threat of cyber-attacks, including the ever-present danger of ransomware.
“These attacks are becoming increasingly sophisticated, posing severe risks to the trust between managers, advisers, and their clients. A single action could provide cybercriminals access that allows them to infiltrate a firm’s systems, leading to an attack that could severely disrupt operations and impact clients lives which ultimately erode confidence across the sector.”
PIMFA WealthTech invites FinTech firms that fit the criteria and are able to demonstrate to wealth and investment managers how their technological solutions can aid firms in their cyber security efforts to please register their interest here. Registrations are open now and will close on Tuesday 1st October 2024 at 5pm.
*Source: https://www.beyondencryption.com/blog/cybersecurity-statistics-financial-services
About PIMFA WealthTech
PIMFA WealthTech is part of the Personal Investment Management & Financial Advice Association (PIMFA), the trade association for the wealth management, investment services and the investment and financial advice industry, spanning 13,000 regulated firms that collectively manage the interests of almost £1.7trillion.
It believes that collaboration is essential to solving industry challenges and brings together senior industry decision-makers to address the most important and complex questions concerning technology focus, partnering and adoption as it applies across the value chain.
Our market network and technology platform has been created to bring the most innovative and relevant WealthTech firms to our sector. Our teams work alongside leading financial institutions to identify, prototype and deliver enhancing technologies and breakthrough solutions that generate competitive advantage and business impact.
About PIMFA
• PIMFA (The Personal Investment Management & Financial Advice Association) is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
• The sector currently looks after £1.7trillion in private savings and investments and employs over 63,000 people.
• PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies. Associate members provide professional services to the PIMFA community.
• PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
• PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
• Further information can be found at pimfa.co.uk
