Blog
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RIA security: Comparing Microsoft 365 Business Basic and Microsoft 365 E5
Why E5 is a step above Business Basic
Business Basic vs. E5: Which is the right fit for RIAs?
When it comes to the security needs of registered investment advisors (RIAs), there’s no room for compromise. As an RIA, you handle sensitive financial information and your clients trust you to keep their data secure. That’s why choosing the right productivity suite is crucial for your business operations. Let’s take a closer look at Microsoft 365 Business Basic and Microsoft 365 E5 to see how their features stack up against each other.
Microsoft 365 Business Basic: A solid foundation for productivity
Microsoft 365 Business Basic is a great option for smaller businesses with basic productivity needs.
Features
• Access to online versions of Office apps such as Word, Excel, and PowerPoint
• OneDrive for Business for secure cloud storage and file sharing
• Exchange Online for email hosting
Security highlights
• Built-in spam and malware protection for email
• Multifactor authentication for added login security
• Basic data loss prevention (DLP) policies to protect sensitive informationMicrosoft 365 E5: A comprehensive security solution
Microsoft 365 E5 is the top-tier offering in the Microsoft 365 suite, providing advanced security and compliance features for businesses with more complex needs.
Features
• All the features included in Business Basic
• Advanced security and compliance capabilities
• Scalable business analytics with Power BI
Security highlights
• Advanced threat protection (ATP) for real-time protection against cyberthreats
• Advanced DLP policies for more granular control over data protection
• Identity and access management with Azure Active Directory
• Azure Information Protection for secure document classification and encryption
• Compliance management and eDiscovery capabilities through Microsoft 365 Compliance CenterWhy choose E5 over Business Basic?
While Business Basic offers a solid foundation for productivity, E5 takes it a step further with advanced security features designed specifically for RIAs and financial advisors. Here are some key reasons to consider upgrading to E5:
- Enhanced protection against cyberthreats – With ATP and advanced DLP policies, you can rest assured that your sensitive data is well protected against cyberattacks.
- Simpler SEC IT compliance management – E5 includes powerful tools to help you meet regulatory compliance requirements and manage data governance more effectively.
Secure document handling – Azure Information Protection adds an extra layer of security by classifying and encrypting sensitive documents, giving you peace of mind when sharing confidential information with clients.
Elevate your RIA’s security with Microsoft 365 E5
Make the smart choice for your RIA business by upgrading to Microsoft 365 E5. With its advanced security and compliance features tailored for businesses like yours, you can focus on providing top-notch wealth management services to your clients without worrying about data breaches or compliance issues. Get started today and take your RIA’s security to the next level with Microsoft 365 E5.
Don’t know where to start? We’re here to help!
Learn more about how Microsoft 365 E5 can benefit your RIA firm and get assistance with setting up your subscription. Contact RIA WorkSpace today.
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Social media account recovery scams – SCAM OF THE MONTH
Ashley just got off work for the day. She opened her phone and clicked on her favorite social media app. She was eager to see what her friends and family were up to. But when the app opened, she had been logged out. She was locked out of her account. Desperate to regain access, she turned to the internet for help. She searched “how to recover my social media account” and came across a recovery company that promised to assist her for a fee. Ashley decided to give it a try and paid the requested fee.
As time went on, Ashley waited for her account to be recovered. She reached out to the company, and they asked for more personal information and an additional fee. Eventually, Ashley realized that the account recovery company was not going to be able to recover her account and that it was likely a scam. Ashley was correct. The company was fake. It was run by scammers posing as experts to gain access to user’s personal information and money.
Did you spot the red flags?
- Ashley should have researched the company first before paying the fee for their services.
- After the company requested more personal information and money, Ashley should have reported the company and the charges.
- Ashley should have reached out to the social media company directly instead of finding a third-party service.
What you should know about this scam
Set up a second verification method like a recovery email or phone number so you can easily recover your account in this situation.
Never pay for social media account recovery services. The platform’s actual customer support channels will offer help for free.
These scams come in many forms. Scammers may reach out directly and claim your account has been hacked or that someone is making purchases on your account. Avoid third-party services offering recovery and go directly to the company website or customer service number.
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Switching to VoIP? Here are things to keep in mind
Voice over Internet Protocol (VoIP) services are revolutionizing the way businesses communicate by providing organizations with effective and consistent in-office communication for their value. But before you switch to VoIP, there are a few things you need to keep in mind:
What are your network needs?
When contemplating whether or not to get VoIP, it’s vital to determine how much control you need over your network. Depending on the answer to that question, you will choose between two primary approaches:
Managed VoIP
- Your company manages and maintains an on-site VoIP system.
- Initial costs can be higher due to hardware and maintenance expenses.
- Offers greater versatility and control over your network.
Hosted VoIP
- An outsourced third party handles the costs for new hardware and telecom network maintenance.
- Your company is relieved of the burden of monitoring and updating telecom technologies.
- This setup is often favored by small businesses because they pay only for the services used, with lower upfront fees.
If you are comfortable sharing control of your VoIP infrastructure for convenience, then you should consider the hosted approach. If you are uncomfortable with such an arrangement and want full control, then the managed approach might suit you better.
What will be your technical involvement?
The choice between managed and hosted VoIP depends on your comfort level with managing and maintaining your VoIP setup. If you have limited IT knowledge, opt for hosted VoIP. An onsite managed VoIP is more suited to companies with more resources and a need for more customized telecom networks.
Should you choose to go mobile?
With VoIP, telephony is no longer confined to a specific phone network. The cloud makes it possible for modern employees to have access to various communication tools securely, anytime, anywhere. You may need or prefer VoIP systems with mobile integration so your team can answer calls and join video conferences from their mobile devices while working from home.
How quickly is your business growing?
When selecting the right VoIP system, make sure that your service provider aligns with your company’s growth plans. Your VoIP solution should easily scale up and add or remove lines as needed without you having to invest in new hardware or infrastructure. Your VoIP system should withstand demanding call volumes, especially during peak season or sudden increases of your customer base.
What is the quality of your internet connection?
Regardless of your VoIP provider choice, a robust and stable internet connection is essential to support and make the most out of your communications network. Check if your company has dedicated broadband or leased lines. The former offers higher internet speeds which allows you to handle greater quantities of data quickly. While the latter provides better voice quality, which translates into better and clearer voice communication within the office and outside it.
What is your budget?
Your budget drastically narrows down your VoIP provider choices. Calculate hardware and installation costs, alongside ongoing management expenses. Examine the provider’s fees for managing, updating, and maintaining your telecom system. Additionally, always read the fine print of your contract to ensure that you’re only paying for the services that you need.
Choosing and integrating a VoIP system can be overwhelming. But, by considering these factors and asking yourself the right questions, you can make an informed choice. If you need more help with VoIP, our experts are here to assist you every step of the way.
Published with permission from TechAdvisory.org. Source.
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Microsoft Authenticator: The secure choice for RIAs and financial advisors
In the fast-paced world of wealth management, where every moment counts, the idea of adding an extra layer to your login process might seem like an inconvenience. Yet, this seemingly small security precaution could be the very shield that safeguards your registered investment advisory (RIA) or financial advisory firm’s sensitive information.
Multifactor authentication (MFA) is not just a security measure; it’s a frontline defense strategy in an era where data breaches and cyberthreats loom larger than ever. And when it comes to MFA, Microsoft Authenticator offers a secure, convenient, and robust solution for RIAs and financial advisors.
What is Microsoft Authenticator, and why should RIAs and financial advisors use it?
Microsoft Authenticator is a free mobile app that provides an additional layer of security to your login process. It generates a unique six-digit code or sends a prompt to your device for verification, in addition to your usual username and password. This prevents unauthorized access even if someone manages to obtain your login credentials.
For RIAs and financial advisors, the choice of Microsoft Authenticator over other types of MFA is a strategic decision, driven by three key factors:
- Robust MFA – Microsoft is a trusted name in the tech industry, and its Authenticator app is built on a robust security infrastructure. It uses industry-standard security protocols and encryption methods to ensure the highest level of protection for your accounts.
- Time-sensitive one-time passcodes (TOTP) – Unlike traditional authentication methods such as text messages, Microsoft Authenticator generates TOTPs. These dynamic codes expire quickly, minimizing the risk associated with static codes delivered via text. This time-sensitive approach reduces the window of opportunity for potential attackers and enhances the overall resilience of the authentication process.
- Device versatility – RIAs and financial advisors often need the flexibility to access systems and data from various devices. Microsoft Authenticator provides a seamless experience across smartphones and tablets, making it an ideal choice for professionals who are always on the go.
How to get Microsoft Authenticator
Microsoft Authenticator is available for both iOS and Android devices. You can download the app from the App Store or Play Store, respectively, or scan the corresponding QR code below.
For iOS
For Android
How to add and manage accounts on Microsoft Authenticator
Once you have downloaded and installed the app, follow these steps to add your accounts:
- Open the Microsoft Authenticator app on your device.
- Click Add account or tap on the plus icon (+) in the upper right corner to add an account.
- Select the type of account you want to add (Personal, Work or school account, or Other account).
- Follow the prompts to sign in and verify your account.
- If prompted, choose to allow notifications for the app to receive push notifications for authentication.
To manage your accounts, simply click on the account name to view its details and options. You can also customize the settings for each account, such as changing the verification method or removing the account from the app.
How to use Microsoft Authenticator
Using Microsoft Authenticator is simple and straightforward. Here’s how you can authenticate your login with a push notification or TOTP:
- Enter your username and password on the login page for your account.
- When prompted, open the Microsoft Authenticator app on your device.
- If you have enabled push notifications, simply tap Approve to verify your identity. If not, enter the six-digit code generated by the app into the authentication field on the login page and click Verify.
And just like that, your login is complete!
In addition to TOTPs, Microsoft Authenticator supports other verification methods, such as fingerprint or facial recognition, depending on the capabilities of your device. You can choose the option that works best for you.
Listen to our podcast on why your RIA should use Microsoft Authenticator instead of text or SMS for multifactor authentication Secure your RIA or financial advisory firm with Microsoft Authenticator
The security of your RIA or financial advisory firm’s data and systems is not a matter to be taken lightly. As cyberthreats continue to evolve, so must your security measures. Microsoft Authenticator offers a secure, convenient, and versatile solution for RIAs and financial advisors, allowing you to focus on delivering exceptional services to your clients with peace of mind.
Our team at RIA WorkSpace highly recommends Microsoft Authenticator for our clients and encourages you to switch to this powerful MFA tool. We can assist you with the setup and management of Microsoft Authenticator, as well as provide you with other managed IT services to further enhance the security and efficiency of your RIA or financial advisory firm. Contact us now to learn more. -
Top 2024 cybersecurity trends every business owner needs to know
Ignorance is not bliss when it comes to cybersecurity. In 2024, the cybercrime game is changing, and business owners who stay in the dark risk losing more than just data. From sophisticated ransomware attacks to targeted supply chain disruptions, the threats are real and relentless. But don’t panic! We’ve compiled the most critical cybersecurity trends you need to be aware of — the ones that could make or break your business in the coming year. Read on to stay ahead of the curve and equip yourself with the knowledge to build a bulletproof digital fortress.
Here are the crucial cybersecurity trends that will shape the coming year:
1. Cybersecurity AI rises
Artificial intelligence (AI) is no longer a futuristic trope; it’s now a potent weapon in both offense and defense. Hackers are wielding AI-powered tools to automate attacks, discover vulnerabilities, and launch sophisticated phishing campaigns. Conversely, businesses can leverage AI-driven security solutions for real-time threat detection, proactive mitigation, and anomaly identification. Embrace AI as a double-edged sword, and invest in solutions that utilize its power to bolster your digital defenses.
2. Ransomware attacks escalate
Ransomware has become a pervasive and lucrative tool for cybercriminals, and in 2024, there will be an alarming escalation of such attacks. Expect double extortion tactics, targeting not just data but also operational systems, further crippling victims. Moreover, attacks will increasingly target critical infrastructure, potentially creating ripple effects across entire industries.
To safeguard your business against ransomware, prioritize data backups, test incident response plans, and consider cyber insurance to mitigate the financial impact of potential attacks.
3. Social engineering gets AI boost
Human error tends to be the weakest link in the security chain. Hackers are exploiting this vulnerability with increasing finesse, utilizing AI to personalize phishing attacks and predict human behavior. These highly targeted campaigns will appear more believable than ever, making it crucial for employees to undergo cybersecurity awareness training and develop healthy skepticism toward unsolicited communications.
4. Zero trust takes center stage
The castle-and-moat security model is crumbling. In 2024, the zero trust philosophy will gain wider adoption. This approach doesn’t assume the inherent trustworthiness of users or devices, requiring continuous verification and granular access control.
Move toward zero trust architecture by implementing multifactor authentication, segmenting your network, and adopting least-privilege access. Doing so creates a layered defense that minimizes the impact of potential breaches.
5. Cyber insurance is no longer optional
As cyberthreats multiply and evolve, cyber insurance will become an essential safety net for businesses of all sizes. This insurance mitigates the financial burden of cyber incidents, including those arising out of data breaches and physical theft. So before it’s too late, evaluate your risk profile, explore insurance options, and ensure comprehensive coverage to weather the storms of the digital world.
The year ahead promises both challenges and opportunities in the realm of cybersecurity. Embracing the trends above and implementing proactive measures will be key to securely navigating the dynamic digital landscape in 2024.
For more cyber news and tips, don’t hesitate to keep in touch with us.
Published with permission from TechAdvisory.org. Source.
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Navigating virtual meetings for RIAs: Ease of use, security, and compliance
The past decade has seen a significant shift toward digital communication, owing to the widespread adoption of business technologies such as video conferencing software and collaboration tools. This trend has only accelerated in recent years, with virtual meetings becoming the norm for businesses worldwide.
For registered investment advisors (RIAs), this shift has not only transformed the way they communicate with clients, partners, and colleagues but also brought about new challenges in terms of security and compliance. In this article, we will explore how RIAs like you can navigate virtual meetings effectively while maintaining the security and compliance of your digital interactions.
Making virtual meetings seamless
One of the biggest advantages of virtual meetings is convenience. With just a few clicks, you can connect with anyone from anywhere in the world. However, to truly reap these benefits, you must ensure that your virtual meetings are seamless by following these tips:
Familiarize yourself with the technology
While most virtual meeting software offer intuitive interfaces that are easy to get comfortable with, it is still essential to fully immerse yourself in the technology you are using. This includes learning how to schedule and join meetings, use features such as screen sharing and chat, and troubleshoot any technical issues that may arise. Doing so will enable you to conduct meetings with ease and confidence.
Establish clear communication protocols
Before holding a virtual meeting — especially with a large group of people — establish clear communication protocols with all participants. Provide detailed instructions on how to join the meeting, access any necessary documents or presentations, and use features such as muting and raising hands. By setting expectations upfront, you can avoid any confusion or disruptions during the meeting.
For smaller or one-on-one meetings, it is also helpful to establish a routine or structure to follow, such as taking turns speaking and using visual cues like nodding or hand gestures to indicate when someone can speak.
Leverage Microsoft Teams for effortless collaboration
Most RIAs are already familiar with Microsoft’s suite of tools, making Teams an ideal choice for virtual meetings. Teams simplifies the process of scheduling and joining meetings, and comes with a host of features designed to enhance collaboration. It also offers secure document sharing capabilities, making it an excellent choice for discussing sensitive information with clients.
Aside from facilitating large group meetings, Teams is also an incredibly effective tool for one-on-one communication. It allows users to send direct messages, share files, and seamlessly switch between text, voice, and video communication. This ensures that all your client interactions can occur in one place, keeping everything organized and accessible.
Related reading: Is Microsoft Teams SEC-compliant? Addressing the security risks of virtual meetings
Like any form of digital communication, virtual meetings come with their own set of security risks. As an RIA handling sensitive financial information, it is crucial to be aware of these risks and take the necessary precautions to protect yourself and your clients.
Secure your meeting links
One common security risk for virtual meetings is sharing unsecured meeting links. Hackers can easily find and join unprotected meetings, potentially gaining access to sensitive information. To avoid this, ensure that all your meeting links are password-protected or require participants to wait in a virtual lobby for screening before joining.
Use end-to-end encryption
End-to-end encryption is a vital security measure for virtual meetings, as it ensures that only intended recipients can view the meeting’s contents. Teams, for example, uses TLS and SRTP encryption to secure all audio, video, and screen sharing data during meetings.
Educate participants on best practices
In addition to taking security measures on your end, it is essential to educate all meeting participants on best practices for virtual meetings. This includes not sharing sensitive information over chat, being cautious when screen sharing, and not joining meetings from unsecured networks. By fostering a culture of cybersecurity awareness, you can mitigate the risk of security breaches during virtual meetings.
Ensuring compliance with Microsoft Teams
Virtual meetings for RIAs must comply with various regulations, including the Securities and Exchange Commission’s (SEC) recordkeeping requirements. Fortunately, Teams offers several features that help you stay secure and compliant:
Archive meetings for recordkeeping
Teams allows you to record meetings and save them for future reference. These recordings can serve as evidence of client interactions, satisfying the SEC’s recordkeeping requirements.
To archive a meeting in Teams, follow these steps:
- Start or join the meeting.
- Go to the meeting controls and choose More actions. From the menu, click on Record and transcribe, then select Start recording.
- Once the meeting is over, click Stop recording. The recording will be saved to SharePoint, for channel meetings, or OneDrive, for any other type of meeting.
Archiving chat conversations in meetings
Another feature of Teams that bolsters compliance efforts is the ability to archive chat conversations. This enables you to document all exchanges and keep track of essential decisions made during meetings.
To archive chat conversations, follow these steps:
- Open the chat window during the meeting.
- Click on the three-dot icon to access More options and select Save this message.
- All the saved chats will be accessible from your profile, under the Saved section.
Utilize eDiscovery for compliance checks
Teams also offers eDiscovery, which is a feature that lets you search and export Teams data for compliance purposes. Whether you need to retrieve a specific chat, file, or meeting recording, eDiscovery can help you locate and export the necessary information quickly and easily.
Your IT team can enable these and other compliance features and configure them according to your RIA firm’s specific needs.
Embracing virtual meetings responsibly
Virtual meetings have become a necessary tool for RIAs, which makes it all the more crucial to approach them responsibly by being mindful of security risks and compliance requirements. By following the tips above and utilizing the powerful features offered by Teams, you can conduct seamless and secure virtual meetings that benefit both you and your clients.
Let our team at RIA WorkSpace help you optimize your virtual meeting experience with Teams and other essential tools for RIAs and financial advisors. Contact us today to learn more about our services and how we can support your technology needs. -
Why your RIA should ditch OneDrive and Use SharePoint Instead
SharePoint and OneDrive, two of Microsoft’s cloud-based collaboration platforms, are designed to help businesses manage, store, and share their documents and data. While both platforms offer similar functionalities, some distinct features make SharePoint a better choice for your registered investment advisory (RIA) firm.
Let’s discuss these features to understand why SharePoint stands out for RIAs and financial advisors.
Real-time document collaboration
One of the key features that make SharePoint better than OneDrive is its real-time document collaboration capability. By default, OneDrive files can only be edited and viewed by the owner of the library, and files need to be explicitly shared with others for collaboration.
On the other hand, SharePoint allows multiple users to edit a document simultaneously, making it easier for your RIA team to collaborate and work on projects together in real time. Not only does this feature improve efficiency, but it also ensures that all team members have access to the latest version of a document.
Secure file sharing and access control
RIAs and financial advisors deal with sensitive financial information, so security is crucial when it comes to document sharing. SharePoint offers advanced security features that allow RIAs to control who can access, view, or edit specific files and folders. OneDrive does not provide this level of granular access control, as files are either shared with everyone or restricted to specific individuals.
Additionally, SharePoint’s integration with Active Directory allows for central management of user access, making it easier for administrators to control permissions and ensure data security.
Security groups and permissions
Related to the previous point, SharePoint also offers the option to create security groups with specific permissions for different types of documents. This allows administrators to control access at a group level rather than having to manage individual user permissions for each document.
For example, your RIA firm can have a “confidential” security group where only certain members have access to sensitive documents, while another group can have access to less sensitive documents. With this level of control, document management becomes more efficient and secure.
File versioning and document history
In the financial industry, it is essential to keep track of document versions and changes for compliance purposes. SharePoint offers advanced version control features that allow RIAs to see a complete history of changes made to a document, who made them, and when they were made.
SharePoint’s file versioning is particularly useful when multiple team members are collaborating on a document, as it provides an audit trail for any changes made. OneDrive also has a versioning feature, but it is limited to only the last few versions of a document and does not provide detailed information on changes.
File archiving and retention policies
RIAs are required to comply with various regulations and often need to retain documents for a certain period. SharePoint offers the ability to archive files, set retention policies, and even create legal holds on specific documents.
This feature is beneficial for RIAs, as it supports compliance with regulatory requirements, such as SEC Rule 17a-4, which mandates that certain financial records must be retained for a specific period. OneDrive does not offer similar archiving and retention capabilities, making it challenging for RIAs to remain compliant.
Data loss prevention (DLP) capabilities
Another critical feature that makes SharePoint a better choice for RIAs is its DLP capabilities. DLP allows administrators to create policies that prevent users from sharing sensitive information outside the organization or exposing it to unauthorized individuals. Such capabilities are especially important in the financial industry, where data breaches can have far-reaching consequences.
OneDrive does not have DLP capabilities, making it less suitable for RIAs who need to ensure the security and privacy of their clients’ financial information.
Listen to our podcast about data loss prevention for RIAs and financial advisors. All-in-one solution for content management
While OneDrive focuses on document storage and sharing, SharePoint offers a broader range of features that make it an all-in-one solution for content management. In addition to document collaboration, security, and compliance features, SharePoint also includes tools for project management, workflow automation, and business intelligence. This makes SharePoint a more comprehensive platform for your RIA or financial advisory firm, as it can cater to a wide range of business needs in one centralized location.
Ultimately, SharePoint emerges as a powerhouse for RIAs seeking a robust, secure, and collaborative document management solution. With its advanced features and capabilities, SharePoint provides your RIA firm with the necessary tools to streamline business processes, ensure compliance, and enhance productivity. Consider making the switch to SharePoint today and see the difference it can make.
Our team at RIA WorkSpace is here to help you with the migration process and provide ongoing support for your SharePoint needs. Contact us today to learn more.
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Why RIAs should move on from virtual desktops
In the financial industry, staying ahead of the curve is no longer just beneficial — it’s necessary. For registered investment advisors (RIAs), this means constantly reassessing the tools and technologies that power their operations.
One area that can be a point of contention for many RIAs is the use of virtual desktops. While this technology may have once been considered cutting-edge, there are now compelling reasons why RIAs should move on from it.
What are virtual desktops?
Virtual desktops enable users to access a desktop environment using any internet-connected device. Instead of using a traditional physical desktop computer, employees can log in to their virtual desktop from a laptop, a tablet, or even a smartphone.
The idea behind virtual desktops is to create a more flexible and mobile work environment, where employees can access their work from anywhere. Virtual desktops are also known as virtual desktop infrastructure or VDI, virtual computers, cloud computers, hosted desktops, and remote desktops.
Why virtual desktops were once popular among RIAs
There are a number of reasons why virtual desktops gained popularity among RIAs. One of the main drivers was the promise of cost savings. Virtual desktops require less hardware and maintenance, which can result in lower operating costs for a firm. Additionally, virtual desktops offered more flexibility and mobility for employees at a time when cloud-based software platforms weren’t as accessible as they are today.
Virtual desktops were also seen as a way to increase security, as data and applications are stored in a central location rather than on individual devices. This was ideal for preventing data breaches and ensuring compliance with regulations.
The pitfalls of virtual desktops
While virtual desktops may have been seen as a viable solution in the past, modern challenges have posed several drawbacks that make them less appealing to RIAs.
Latency: A silent disruptor
Imagine this scenario: You’re conducting an important video conference, discussing financial strategies in real time, and suddenly the connection becomes unstable. The audio starts cutting out, the video quality drops significantly, and you’re unable to clearly communicate your ideas. This is an example of latency, and it’s a common issue with virtual desktops.
Latency refers to the delay in response time when accessing a virtual desktop. This can be caused by a variety of factors, such as network congestion, distance from the server, and even the type of application being used. For RIA operations, where speed and accuracy are crucial, even a small delay can have significant consequences.
The workaround conundrum
RIAs are known for their problem-solving skills, and faced with the complexities of virtual desktops, many have come up with workarounds to try and improve the user experience. However, these workarounds often come with their own set of challenges.
For example, some RIAs have resorted to using local applications instead of accessing them through the virtual desktop. While this may improve performance, it also defeats the purpose of having a virtual desktop in the first place. Others have tried implementing additional software or investing in expensive hardware upgrades, both of which can be costly and time-consuming.
False sense of security
Virtual desktops promised increased security. However, as technology has advanced, so have cyberthreats. With virtual desktops, all data and applications are stored in a central location, making them vulnerable to a single point of failure. If the server is compromised, all information and access are at risk. Additionally, as virtual desktops become more popular, they also become a bigger target for cybercriminals.
What’s more, many virtual desktop users assume that the technology itself will protect their data. The truth is that human error is still a major factor in cyber breaches, and no amount of technology can completely eliminate this risk.
The cost dilemma
While the benefits of virtual desktops may have initially made them seem like a cost-saving solution, the reality is that virtual desktops can end up being quite costly in the long run. Paying for cloud servers and resources is one thing, but the additional expenses for hosting Microsoft licenses and other services to make the platform more efficient can quickly add up. It’s essential for RIAs and financial advisors to evaluate whether the investment aligns with the actual benefits received.
Better alternatives for RIAs
So what are the better alternatives to using virtual desktops that RIAs should consider? One option is leveraging cloud-based software platforms specifically designed for financial advisors. These platforms offer secure and compliant hosting of applications and data, without the latency and workaround issues of virtual desktops. They also come with added benefits, such as integrations with other tools and services, automated reporting, and ongoing support and updates.
Another alternative is investing in high-performance hardware for local applications. While this may require a larger upfront investment, it can provide faster access to critical data and applications without the lag of virtual desktops.
Ultimately, it’s essential for RIAs to carefully evaluate their needs and consider all the options when it comes to technology solutions. Virtual desktops may have once been the go-to choice, but as technology evolves, so should RIAs’ approach to creating a secure and efficient work environment.
Our team at RIA WorkSpace can help your RIA or financial advisory firm find the best technology solutions to fit your unique needs. Contact us today to learn more about how we can support your business and improve your overall operations.
