Protecting Your Finances From Cyberattacks | Trust Point
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Protecting Your Finances from Cyberattacks

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Updated October 4, 2022

Luke Raymer, Chief Technology Officer

How Trust Point helps to ensure your data is secure in an age of increased cyber threats

With data breaches making headlines more frequently than ever, cyber security is top of mind for many investors — and for good reason.

You’ve worked hard to build your wealth and the last thing you should have to worry about is whether your money is safe. At Trust Point, ensuring our clients’ investments are secure is a top priority and a full-time job.

“We’re really hyper-focused on every decision and how we position ourselves to have the least exposure possible,” says Luke Raymer, Chief Technology Officer, who leads Trust Point’s information technology initiatives. “Especially when it comes to our customers’ personal or financial information — we spend a lot of time developing processes that are both efficient and extremely safe.”

Here’s a look at some of the ways we keep your information safe from cyber threats:

Training and Processes

Because of the increasing prevalence of cyberattacks, we believe it’s important for everyone on our team to be educated on the topic. We host monthly training sessions that cover common cyberattack tactics, such as phishing, skimming, and hacking. We go over red flags to look for, such as how to identify fraudulent communications, and proper protocols to follow to ensure continued security.

“We have strong barriers and firewalls and protections in place, but sometimes the human component is more difficult to control,” Raymer says. “So we emphasize regular training and testing to make sure all of our team contributes to our security.”

We also incorporate cyber security risk analysis into all of our decisions. We have a dedicated committee that evaluates risks associated with any changes, whether it’s a software update or other company initiatives.

And we are constantly evaluating account access protocols for both staff and clients, such as internal access restrictions and multi-step authentication procedures.

Trust Point’s online portal is different from a traditional bank’s online access.  These system may inherently have more risk given the volume and types of transactions processed, “We don’t offer checking accounts or credit cards, “Raymer says.  “Our focus is on their investable assets, typically funds that they are for their retirement.  Because of this, we don’t see as many transactions, which helps to lower risk.”

While this is the case, it doesn’t mean we have less controls in place. Strict password requirements and multi-factor authentication (MFA) are required of clients as well as security procedures that Trust Point employees must adhere to. 

Real-time Monitoring

Cybercriminals attempts are becoming more sophisticated every day.  “We want to offer our clients the benefits and conveniences of the digital world, but we need to consider potential vulnerabilities and threats that come with it,” Raymer says. “Every process we have and every change we make has a data security component to it. We are always striving to stay a half-step ahead.”

To do that requires 24/7 monitoring, which we achieve with a mix of technology and in-person evaluation. We utilize services that aggregate information from other similar organizations, looking for abnormalities and comparing them to issues that might have come up elsewhere.

Through partnerships with vendors and other financial institutions, we are constantly surveying cyberattack trends. We also employ individuals to continuously audit accounts, in addition to hiring a third-party firm to conduct an annual audit.  The Wisconsin Department of Financial Institutions conducts an annual exam as well.

As the cyber landscape continues to evolve, data protection will remain an area of focus at Trust Point. Investments in both hardware and software to keep cyber criminals at bay are at an all-time high and will continue well into the foreseeable future.  If you have any questions about your account security, don’t hesitate to reach out.

“Our clients’ information is very much secure, from the way that it is stored and the controls we have in place to make a transaction happen,” Raymer says. “Customers can be assured that their data is protected.”

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Luke Raymer, Chief Technology Officer