Navigating the Ukrainian Crisis to Protect Your Assets

by | Mar 10, 2022 | Wealth Management

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We have all watched the crisis in Ukraine unfold in the media over the last two weeks. There is concern that the sanctions imposed may lead Russia to seek retaliatory action via an increase in cyber-attacks targeting industries and businesses worldwide. When the world feels unstable, we want to reassure you that your assets are safe, and we are on high alert.

While this is not a comprehensive list, we wanted to share some ways BFSG is protecting your information:

  • Our 3rd party IT consultant just completed a security audit of our network (these occur quarterly);
  • Last year we had a separate firm complete a penetration test to try to find any weaknesses in our systems;
  • We maintain cyber-insurance and have an incident response plan in place if there was a breach;
  • We continuously train staff on security awareness through cyber-training modules, phishing test emails, and we have scheduled a cyber-incident tabletop exercise with another 3rd party, which will occur in a few months;
  • We utilize encryption software for sensitive documents when transmitting files; and
  • We verbally confirm all money movement requests as well as any requests for account updates.

The safety and security of client assets is job number one at Schwab and Fidelity as well. Their cybersecurity teams have enhanced monitoring and continuously test the resilience of their platforms and cyber technology capabilities against various threat scenarios, including those related to the Eastern European conflict. In addition, both Schwab and Fidelity insure your account against losses from unauthorized access.

Security is a partnership, and the best protection is possible when we work together to protect your information. We have a number of support materials to help safeguard your sensitive information and prevent fraud:

Like many of you, we are searching for ways we can help while we hold out hope for an expedient end to the situation. If you are looking for ways to help, you can find information and a list of charities responding to the conflict from Schwab Charitable and the Center for Disaster Philanthropy.

Thank you for your trust and confidence.

Disclosure: BFSG does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to BFSG’s website or blog or incorporated herein and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by Company), will be profitable or equal any historical performance level(s). Please see important disclosure information here.

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