That’s the message from Redmill Advance and after a turbulent few weeks of cyber attacks on supermarket fridges, banking services and govt websites, who can argue? Here’s the word;
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.
“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.”
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 the use of technology.
He stresses that the goal isn’t for financial advisers to need to become the most proficient IT specialists, but must know how to professionally and safely manage a potential threat.
“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.”
Beyond the immediate financial and operational consequences of a cyber incident, a breach can undermine the trust on which the adviser-client relationship depends. Tait argues that 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.”
Looking to the future, Tait is calling on financial advice firms to embed cybersecurity awareness into their wider approach to professional development.
Tait concludes, “Advice firms should make cybersecurity awareness a regular part of their professional development programmes, rather than treating it as a one-off exercise or leaving it to their IT teams to handle. This involves firms providing relevant and ongoing training to their advisers, helping them understand the risks they may encounter and ensuring they know how to respond when something goes wrong.”
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