The cost of cyber crime to your business

“Over the past 12 months we have worked hard to educate everyone, however, even in the past year the profile of cyber increased dramatically, so this education will continue to be reviewed and enhanced,” James Crane, head of IT infrastructure and support said.

Marlene Outrim, managing director of Uniq Family Wealth, said steps have also been taken at her firm.

“Our data base and our documents are all cloud based and we employ an IT firm which monitors our server for any anomalies; sometimes they may have detected and eliminated viruses without us actually knowing anything about it.”

The government launched its ‘Cyber Essentials’ scheme back in 2014, which identifies the controls an organisation must have to mitigate the risks from internet-based threats.

Patrick Connolly, certified financial planner at Chase de Vere, said his firm has achieved the government’s accreditation, which he said means clients can feel confident that their data is secure.

Bill Vasilieff, the chief executive of Novia Financial, said his team has seen an increase in the complexity and the frequency of attempted attacks, adding however that his business has never encountered a serious breach.

“We take substantial steps to ensure all elements of our infrastructure are protected.”

He also warned that replatforming could in theory exacerbate the problem, but pointed out that platforms would be aware of the risks and would take steps to combat it.

A report from PricewaterhouseCoopers indicated that cyber security was one of the top concerns for asset managers this year, with many firms planning to invest in cyber security over the next three years.