Financial advisers must invest in cybersecurity training, says Redmill Advance - Cybersecurity Insiders
With 38% of UK small businesses experiencing a successful cyberattack in the past year, Redmill Advance is urging financial advisers to prioritize cybersecurity training as an essential professional duty.
New research from Hiscox has revealed that over one third of UK small businesses have faced a successful cyberattack this year – the highest proportion among the global markets surveyed. The risks are particularly pertinent to financial services, where analysis by Comparitech found that ransomware incidents in the finance sector rose by 72% in the third quarter of 2026 compared with the previous quarter.
In light of Cybersecurity Awareness Month this October, David Tait, Founder and Managing Director of Redmill Advance, is urging financial advisers to stop treating cybersecurity training as simply an IT department issue, and embrace it as an essential part of their professional duties.
Growing Cyber Threats
Financial advisers handle highly sensitive client information daily, from personal details to financial records, making protecting that information a non-negotiable responsibility. As more advisers become increasingly dependent on technology for their day-to-day tasks, Tait argues they must maintain a level of professional competence in cybersecurity to keep pace with the risks that come with technology adoption.
Financial advisers handle highly sensitive client information every day from their personal details to their financial records. This makes protecting that information a non-negotiable responsibility. But cyber threats are not just a concern for large financial institutions; firms of all sizes must consider how their day-to-day practices could leave client data exposed.
Professional Competence
Tait stresses that the goal isn't for financial advisers to become IT specialists, but to know how to professionally and safely manage potential threats. Professional competence means keeping knowledge and skills relevant as the financial services sector evolves, with cybersecurity awareness forming part of that ongoing development.
Professional competence means keeping your knowledge and skills relevant as the financial services sector evolves. Cybersecurity awareness must form part of that ongoing development. It is not about turning advisers into IT specialists, it is about ensuring they can recognise potential threats, understand their responsibilities and take appropriate action.
Trust and Reputation
Beyond immediate financial and operational consequences, a cyber breach can undermine the trust on which the adviser-client relationship depends. Responsible data handling is part of the service advisers provide, particularly when clients entrust them with highly personal financial information.
Trust is fundamental to the adviser-client relationship, and that trust extends beyond simply receiving sound financial advice. Clients also need confidence that their personal and financial information is being handled responsibly. A cyber incident can undermine that confidence in an instant, damaging not only your reputation but also prompting regulatory action against you. This makes data protection an integral part of professional responsibility.
Future Recommendations
Looking ahead, Tait is calling on financial advice firms to embed cybersecurity awareness into their wider approach to professional development. He advises making cybersecurity awareness a regular part of professional development programs rather than a one-off exercise or IT department responsibility.
This involves firms providing relevant and ongoing training to advisers, helping them understand potential risks and ensuring they know how to respond when something goes wrong. Redmill Advance, which provides learning platforms for UK financial advice and wealth management companies, serves more than 100 such firms and is part of the Kinrock group.
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