Paradigm launches cybersecurity solution

The service offered by Mitigo covers risk assessments, technology testing, training and governance. Paradigm firms will also get access to its dedicated client helpdesk and a sandbox to which suspicious content may be sent.

Since the start of the coronavirus lockdown period, Paradigm has delivered a range of support and resources for its member firms including moving to remote compliance days and file checks, and providing regular bulletins covering the vast range of topics arising from FCA updates, Government support, and more.

Bob Hunt, MD of Paradigm Consulting, commented: “Cybercrime is now a serious risk in terms of client and proprietary confidentiality, operational resilience, loss of money, trust and reputation, and it should be governed like any other business risk. The FCA requires firms adopt a security culture from the board down. The Mitigo solution meets a real member need to manage this risk and satisfy regulatory compliance.”

Lindsay Hill, CEO of Mitigo, added: “There are two big dangers for wealth managers, financial advisers and mortgage advisers. The first is failing to recognise they are a prime target for organised cybercrime. The second is assuming their general IT support are qualified to look after their cybersecurity and cyber risk management when they are not, and nor should they be. It is a different discipline. We are pleased to be working with the UK’s premier support services provider to keep their members safe.”