Modern Wealth Enhances Cybersecurity with Visory's Expertise
As a rapidly expanding investment firm managing over $6 billion in assets, Modern Wealth recognized the need for a robust cybersecurity framework to protect its sensitive client data. Without in-house IT security expertise, the firm sought the services of Visory to foster a scalable and effective cybersecurity solution that caters specifically to their unique risk profile.
The Need for a Tailored Cybersecurity Program
Modern Wealth, which employs more than 180 professionals and serves a broad client base of 6,700 individuals, was facing challenges in maintaining a secure environment amid growing cybersecurity threats. To address these risks, the firm partnered with Visory, a leader in cybersecurity and compliance for financial firms. The collaboration aimed to develop an AI-driven program that integrates seamlessly with existing operational tools, including Microsoft 365.
SecureCompliance™: A Strategic Partnership for Success
The platform chosen for this initiative was Visory’s SecureCompliance™, designed to provide firms with virtual Chief Information Security Officer (vCISO) capabilities at a cost-effective solution. Through this partnership, Modern Wealth was able to benefit from a structured cybersecurity framework that aligns with their specific risks, offering real-time visibility into vulnerabilities and actionable remediation plans.
Key Features of the Cybersecurity Initiative
The SecureCompliance™ platform delivered several important features: a tailored cybersecurity framework aligned to Modern Wealth's risk profile, real-time insights into vulnerabilities, comprehensive multi-factor authentication (MFA) across the firm, and customized risk assessments along with security policies. This holistic approach not only addressed immediate security needs but also prepared Modern Wealth for future challenges in the evolving landscape of cybersecurity.
Client Testimonials Highlighting the Impact
Stakeholders at Modern Wealth expressed their positive experiences after implementing the program. Mike Capelle, Co-Founder and Co-CEO, highlighted the transparency that SecureCompliance™ provided regarding their cybersecurity posture. He noted that it pinpointed specific gaps that required immediate attention, making resource allocation more effective.
A Commitment to Continued Improvement
J.P. Rankin, Chief Compliance Officer at Modern Wealth, echoed similar sentiments, stating, "It was not a boilerplate experience. The input and feedback were specific to what we do as a business — it was very tailored to our needs." This collaborative approach allowed for a more personalized and engaging experience, ensuring that the security program met the firm's unique demands.
Looking Ahead: A Proactive Cybersecurity Strategy
The partnership with Visory has positioned Modern Wealth to not only respond to immediate cybersecurity threats but also proactively address future risks. The firm is now equipped with a scalable and adaptive cybersecurity program, enabling it to continue redefining wealth management through technological advancements and a commitment to client protection.
Frequently Asked Questions
What motivated Modern Wealth to partner with Visory?
Modern Wealth sought Visory’s services to develop a strong cybersecurity framework tailored specifically to their needs, especially given their rapid growth and client volume.
How does SecureCompliance™ enhance cybersecurity?
SecureCompliance™ provides a comprehensive solution with real-time insights, a customized framework, and access to virtual CISO services, which enhance overall security capabilities.
What benefits did Modern Wealth experience from SecureCompliance™?
Modern Wealth gained significant transparency regarding their security posture, allowing them to identify gaps and improve their response to cybersecurity threats.
Can SecureCompliance™ adapt to changing security needs?
Yes, the system is designed to be scalable and adaptive, ensuring that it evolves alongside the firm as cybersecurity challenges change over time.
What is the long-term vision for Modern Wealth's cybersecurity strategy?
Modern Wealth aims to maintain a proactive cybersecurity program that supports their goals of redefined wealth management through technology and enhanced client connections.
