Financial research firm Dalbar has named Cory Clark as its chief marketing officer. Clark has been with the firm for 12 years and recently was its director of the Research and Due Diligence division.
“I am confident that as our ambassador, Cory will expand the use of today’s best practices as well as new practices that continue to evolve,” according to Dalbar CEO Louis S. Harvey. “His goal will be to give a competitive business advantage to Dalbar’s clients.”
As CMO, Clark will help financial firms improve their customer experience, regulatory compliance, data security and work to lower costs.
“I’m thrilled to take on this new role and its attendant challenges,” said Clark in a statement. “As CMO, my focus will be to ensure the industry continues to make effective use of the best practices we provide, and in a manner that supports firms’ evolving business goals in our rapidly changing industry.”
Earlier this year, Dalbar worked with ThinkAdvisor on “The State of Authentication in Financial Services.” The most significant finding of the research is “generally how passive people are about the subject,” Harvey explained.
The survey of broker-dealers, sponsored by ThinkAdvisor, Dalbar and 15 financial services firms, aimed to identify the greatest deficiencies in cybersecurity authentication and to “create a roadmap to improving protection,” according to the Dalbar executive.
The research revealed that 74% of firms have the same practices they’ve had for the past five years, and only a “paltry” 4% are planning to adopt new practices, Harvey says, adding that he did not anticipate these results.
The most widely used authentication practices within the industry are procedures for failed logins (66.1%), while the termination of sessions after a period of inactivity is used by 60.4%, according to the study. In addition, 57.3% of firms have the ability to cancel, replace and communicate about a password if an account has been compromised.
The best-fortified businesses are retirement service providers, which take advantage of 30.1% of authentication practices, followed by investment providers (29.7%) and life and annuity providers (28.7%).
Key points of access by bad actors include websites (at 34.3%), followed by mobile devices (28.7%), interactive voice response (22.9%), phone centers (21.6%) and electric statements (24.7%).