What You Need to Know
- Fidelity is giving advisors access to a new third-party cybersecurity solution provided by Armorblox.
- Armorblox’s technology analyzes client emails and identifies problematic risk behavior.
- More than half of clients would switch advisors in the event of a cyber breach, Fidelity found in a study.
Fidelity Institutional announced this week that it is giving advisors access to a new third-party cybersecurity solution provided by Armorblox, a software-as-a-service cybersecurity company, to better protect them and their end clients’ business email from fraudulent activity.
Fidelity noted that business email compromise and email account compromise was the top cybercrime reported to the Federal Bureau of Investigation last year in terms of financial loss of some $2.1 billion, according to the 2020 FBI Internet Crime Report.
Armorblox’s technology analyzes client emails and identifies problematic risk behavior. The company uses advanced algorithms, such as natural language understanding, machine learning and other artificial intelligence techniques, to analyze thousands of data points and help prevent sophisticated email threats.
With this solution offered by Fidelity, Armorblox can alert advisors of fraudulent emails, helping to protect them and their end clients from future risk.
“A robust cybersecurity program is critical not only to advisors’ business operations, but also to maintaining the trust they have worked so hard to build with their clients,” Scott Slater, vice president of practice management and consulting at Fidelity Institutional, said in a statement.
“Access to this cybersecurity offering allows us to provide even greater value for our advisor clients, while allowing them to provide peace of mind for their end clients.”