A wealth management services firm based in the San Francisco Bay Area is comprised of four businesses, including a registered investment advisor, a provider of models, a research publishing enterprise, and an advisor to a family of mutual funds.
The Challenge: Rising Cyber Threats and a Complex Regulatory Landscape
The firm faced a growing number of cyber crime threats, as cyber criminals attempted to gain access to clients’ private information through phishing emails and malware attacks. International hackers also attempted to breach the firm’s network by using employees’ email addresses and guessing their passwords. The firm additionally dealt with incidents of lost and stolen mobile devices and compromised passwords.
On the compliance side, the firm had to navigate an increasingly complex set of cyber security regulations, including the Securities and Exchange Commission’s cyber security risk alerts and disclosure requirements, new state-level regulations, and global regulations such as the General Data Protection Regulation (GDPR). As the firm’s Chief Operating Officer and Chief Compliance Officer explained, it was challenging for a compliance professional to maintain the technical knowledge and skill needed to manage and mitigate cyber security risks. The firm recognized early on that it needed a trusted partner with these capabilities to help secure its clients’ information.
The Solution: Centralizing Managed Services and Security with Xantrion
Xantrion was already serving as the firm’s managed service provider and had deep familiarity with its network. Beyond day-to-day management, Xantrion took a proactive approach to managing the network and provided a strong strategic vision for the firm’s IT efforts.
The firm liked the idea of centralizing its managed service provider and security provider into a single trusted partner that could handle both. As the firm learned more about Xantrion’s managed security service, it discovered the service was largely founded on Microsoft tools, which were highly compatible with the firm’s existing network. As a Microsoft shop, the firm knew the transition to this service would be seamless, with very little network downtime.
The Outcome: Enterprise-Level Security and Greater Operational Efficiency
The partnership gave the firm and its clients access to an enterprise-level security platform managed by highly skilled security professionals. The firm was able to increase its capabilities across its network, mobile devices, and employees by implementing measures such as employee security awareness training, multi-factor authentication, mobile device management, cloud identity management, log aggregation, and advanced threat analytics.
As a result, Xantrion has enabled the firm to be more efficient with its IT resources and more effective at managing its cyber security risks.
