In an increasingly digital world, cyber security should be at the top of an advice firm’s priority list.

But the pace of change in technology can often leave people not quite understanding what they need to do to protect their business from cyber attacks or vowing to ‘get around to it’ at some point.

However, as former Conservative MP Stephen McPartland, author of the McPartland Review into Cyber Security, says, a lot of cyber attacks are speculative.

He likens firms that have little or no cyber security to leaving the front door of your house open – both are invitations for opportunist thieves to strike.

So, what can advisers do to protect themselves as they increasingly digitise their businesses?

Protecting your firm

While it is great for people running a business to have a positive, confident outlook, they do need to be realistic about business risks, and cyber crime is one of them.

Statistics from market analyst Truelist show up to 94% of companies that experience a severe data loss never recover because it can take a long time to identify and contain a data breach.

According to Truelist, 51% of firms close within two years of the incident and 43% never reopen. The picture is even worse for small firms, as 70% close within a year of a big data loss.

FTRC founder Ian McKenna adds that, if an advice firm experiences a data breach, the FCA expects them to put in place and pay for cyber security protection for every customer.

According to McKenna, there is “significant evidence” cyber criminals are targeting small advice firms because the information they hold about their clients is so comprehensive and, therefore, valuable.

“So much information comes from a client fact find. Advisers will have details of their clients’ kids and the cars they drive. There is so much data to help criminals working on the dark web,” he says.

“Cyber criminals have also identified that smaller advice firms tend to be relatively vulnerable.”

McKenna points to a lot of cases being identified in the US. Is it inconceivable to believe the same is happening in the UK?

Increasing use of AI is only going to increase the need for advice firms – and not just the bigger ones – to ensure they have adequate cyber protection in place.

“You can’t have an AI strategy without cyber security – they go hand in hand,” says McPartland.

“If you are increasingly using AI and putting more business in a digital world, you need to ensure you can secure that.”

A lack of understanding about what to do to become more resilient can often be a barrier. This is where talking to an expert or getting some training can help.

For example, the Chartered Institute for Securities and Investment (CISI) runs a short online course that covers things such as the nature of cyber risk, the types of attacks to be aware of and details of the regulatory and legal requirements.

The CISI Corporate Cyber Security Professional Assessment is written and reviewed by industry experts and is suitable for anyone who works in financial services, including advice firms.

“The risks of cyber attacks occurring apply to both large and small firms, so understanding these threats and protecting your organisation from them is essential for all financial services practitioners,” says CISI executive director of global learning Mandy Gill.

“Human error is often a cause, so being able to identify and distinguish between the different threats – including malware, phishing, whaling, spyware, ransomware, trojan viruses and business email compromise – can be an effective way to manage and reduce this risk.”

The recommended study time for the course is six hours, followed by a 60-minute multiple choice test consisting of 30 questions.

The CISI also offers a range of other online CPD content in the area of cyber security, including Professional Refresher modules on topics such as cyber crime, operational resilience, financial risk and fraud risk management.

Cyber insurance is another way firms can protect themselves but, as McPartland says, they need a cyber security strategy to underpin this.

“If you go to an insurer and tell them you park your car with the keys in the ignition and no alarm, they are unlikely to insure it,” he says.

“The difference here is that you are talking about possessions in the digital world.”

That said, cyber insurance does not currently appear to be very popular among advice firms.

“Only 4% of advisers have cyber insurance,” says McKenna. “It’s crucial to have it. Ideally you want the insurer to be the same as the provider of your PI, as you don’t want a situation where they are both saying the other should pay out.”

McPartland has some sympathy for smaller advice firms.

“A lot of the problem is that the insurance market is not mature enough yet, so there aren’t enough products for SMEs,” he says.

Recovery

Having a recovery process in place is key to fighting back against things like ransomware, where criminals steal data and demand money to return it.

“If you have a process in please, you don’t need to get that data back. It’s backed up and you’re doing other things to be resilient,” says McPartland. “You can either fight it off or you recover quickly to be up and running in a couple of days, so ransomware is not the threat to you they think it is.”

McPartland says advice firms need to think about three elements together – their cyber security, their resilience to cyber attacks and the recovery process. Focusing on just one element is not enough. They all need to be in place and reviewed regularly.

“It’s important to protect your data because a lot of decisions are based on it. If someone interferes with that data, they interfere with your ability to make decisions.”

Cathay Pacific has banned a Hong Kong couple from its flights after their row with a mainland Chinese traveller over her reclining seat.

The Chinese woman had complained on social media that she was harassed by the couple seated behind her on a Cathay flight after reclining her seat.

The Hong Kong flag carrier said on Sunday that it had added the couple to its no-fly list, saying it has “a strict zero-tolerance policy” towards behaviours that disrespect fellow passengers.

The Chinese woman’s post on social media platform Xiaohongshu, which captured part of the confrontation, had garnered 194,000 likes as of Monday morning and drawn mixed reactions online.

The incident took place on a flight from Hong Kong to London on 17 September.

In her post, the Chinese woman recalled how the middle-aged couple – a husband and wife – had accused her of obstructing their view of the in-flight television and asked her to straighten her seat.

When she refused, the wife stretched her legs and put them on the armrests of her seat, then started scolding her in Cantonese and slapping her arm, the woman said.

“When she realised I couldn’t speak Cantonese, she started calling me ‘mainland girl’ in a derogatory tone,” she said.

The husband, who was seated directly behind her, “frantically pushed” the back of her seat, the woman said. Her video showed the seat vibrating.

Another scene showed the wife raising her middle finger at the woman.

The woman then sought help from a flight attendant, who suggested that she straighten her seat.

“I was shocked because it was not meal time, yet the flight attendant wanted me to compromise,” the woman said. “I rejected the suggestion.”

Several passengers who witnessed the incident criticised the Hong Kong couple’s behaviour.

“Don’t call yourself a Hong Konger, you bully,” one passenger said.

Another said, “This is too much. How old are you? Why are you bullying a young girl?”

The woman’s post on Xiaohongshu sparked similar outrage.

“If they want more space, they should have paid for first-class seats,” one person wrote.

Several commenters were quick to defend Hong Kong’s reputation, with one saying “Most people in Hong Kong are kind, this couple is an exception.”

It has also triggered a debate on whether reclining one’s aeroplane seat is an acceptable practice.

Several users said that it should be acceptable, given that the ability to recline is a built-in function of the seats.

Others said it can get uncomfortable when passengers in front recline their seats too far back.

This campaign, candidate Donald Trump is promising even more extreme versions of the policies that marked his first term. But what would higher, and more widespread, tariffs actually look like? And in what form would any retaliation come? Today on the show, Soumaya and the FT’s senior trade writer Alan Beattie discuss the candidate’s campaign promises on trade, and where they might lead.

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Even though getting higher education requires solid funding, you know what you are paying for. It is an investment in your future professional development. Effectively handling your personal finances becomes as crucial as ever. What can you do to minimize your expenses while paying your student loan? Let’s find out.

One of the possible ways you can save money is to use free online tools that help you manage writing assignments. For example, you can use an AI writing checker like Plagiarismcheck to make sure your papers are original instead of hiring a professional editor. Let’s look at more ways to manage your budget effectively to pay your student loan as fast as possible.

Create a Detailed Budget

The first thing you need to do is clearly understand what you are spending your money on. Divide your expenses into essential (e.g., rent, utilities, groceries) and non-essential (e.g., entertainment, dining out). Track your expenses using a budgeting app or spreadsheet. After analyzing this information, you can find areas where you can cut back.

Focus on the Areas for Savings

Here are just some ideas on where you can spend less money. You can learn to cook and save money on dining out. Watch numerous videos with simple yet delicious recipes to find inspiration and get the necessary information. Try to shop smart when you buy groceries: compare prices, use coupons, and buy generic brands when possible. The next thing you can do is opt for public transport to reduce costs. In terms of hobbies and entertainment, you might want to avoid expensive activities like horse riding or playing tennis. Instead, look for a hobby that brings you joy and does not lead to pain in the wallet.

Prioritize Loan Repayment

There will always be something more important than your debt if you don’t prioritize it. Take as much time as you need to understand loan terms. Review the interest rates, repayment terms, and any fees associated with your loans. The next thing you can do is explore different repayment options, such as standard, extended, or income-driven repayment. Don’t just assume that you will somehow pay off your loans eventually. Instead, develop a strategy to do so and create a step-by-step plan.

Seek Loan Forgiveness or Reduction

Explore programs like Public Service Loan Forgiveness or income-driven repayment plans that may qualify you for loan forgiveness after a certain period. If you don’t qualify now, understand the specific criteria for each program and take steps to meet them. If all these things seem too complicated, consult with a professional to determine the most suitable approach for your situation. You might miss some important aspects that will help you manage your budget better.

Maximize Financial Aid

Ensure you’re taking full advantage of scholarships, grants, and work-study programs. Remember that you can appeal for additional aid if your situation changes. Also, consider applying for scholarships to increase your financial help. Keep up-to-date on student loan policies and repayment options. All in all, you should use every opportunity to start paying off your loan as quickly as possible.

Find Side Hustles

Explore part-time jobs, freelancing, or tutoring opportunities to earn extra income. What talents do you have? Do you write academic papers better than other students? Perhaps you are a natural-born tutor. Look through online marketplaces and platforms to find freelance work or part-time jobs. Thanks to the digital era we are living in, you can work at any time and from anywhere.

Set Financial Goals

Make sure you do not get stuck in the vicious circle of debts and loans. Only use credit cards responsibly and pay off balances in full each month. Set short-term and long-term financial goals to keep your motivation up. It is easier to accept the temporary discomfort of saving money when you know that it will eventually end. Additionally, try to build an emergency fund and save money for unexpected expenses (medical bills or car repairs). You never know what can happen, so you need to be prepared.

Summing Up

All the points mentioned here paint a perfect picture of the behaviour of students who want to forget about their loans and stop minimizing their expenses. In reality, you might only be able to follow some of these tips. Sometimes, you won’t be able to find a job to have an extra source of income. You can also get tired of saving money on every section of your budget.

Stay flexible and adapt to the situation you are in. Remember that no matter how challenging this period may be, you can get through it by believing in yourself and your goals. And don’t ignore the opportunity to learn from experts by reading books on financial planning and budgeting. The more you know about it, the more solutions you can find to turn the current situation for the better.