RightSize Solutions Announcing Two-Factor Authentication for Financial Advisors

RightSize Solutions, Inc., a cloud technology firm providing business and technology management to financial advisors, at the T3 Technology Tools for Today conference announced three new solutions for financial advisors seeking greater efficiencies and stronger data security:

• Two-factor authentication capabilities, developed to help advisors achieve greater control over access to their systems and data
• A third-party backup integration, giving advisors unfettered access to their data and the freedom to change IT and infrastructure vendors without undue encumbrances

Amplified email and social media archiving, giving advisors everything they need to meet the regulatory compliance mandates from the SEC and FINRA

Enhanced Two-Factor Authentication Protects Advisors
Cybersecurity is top of mind across the industry. Many attackers have compromised companies by gaining knowledge of users’ passwords. An easy way to sidestep this problem is to require enhanced authentication beyond the username/password combination. RightSize Solutions has rolled out its custom developed two-factor authentication feature, targeting the needs of financial advisors for improved security and auditing abilities.

“Our two-factor authentication helps advisors ensure compliance and security. This is one more step in our continuing innovations to stay ahead of the security risks,” said Wes Stillman, founder and CEO, RightSize Solutions. “It’s important for advisors to understand that the weakest links in cyberattacks are most often with end users and end devices, making formal processes, procedures and tools like this necessary to safeguard important data.“

Zohar Swaine, Mink Hollow Advisors, a wealth management corporate strategy firm, agrees with Stillman, saying: “In our industry, where maintaining client trust is paramount, it is incumbent that financial advisors consider a layered approach to data security. Financial advisors would be wise to contemplate multifactor authentication and how it can increase the level of protection against breaches. A good multifactor authentication solution, such as the newly enhanced system offered by RightSize, could be a lifesaver for many financial advisory firms.”

While some large custodians have been giving out key fobs as a way to achieve two-factor authentication, RightSize has designed a more efficient technology.

“Key fobs work, but they can be costly and a logistical problem for end-users and administrators,” Stillman said. “And they lack the ability to keep up with today’s needs. Our goal was to make the process easy to implement, with minimal cost and convenient for advisors to use.“

The two-factor authentication technology utilizes a device advisors already have in their possession – a cell phone with a mobile app or text messaging – eliminating the hassle of extra hardware. By incorporating Microsoft Azure to deliver authentication messages, verification can be set up and delivered to a mobile device or phone – with an option to authenticate utilizing a voice response system. Additional customization can prevente employees from logging in unless they are at their office computer.

Third-Party Backup Gives Unfettered Access
In addition, RightSize Solutions has paired up with IBackup (IDrive Inc.) , an online backup and storage service provider, to ensure advisors have unfettered access to all their data. This new integration responds to SEC guidelines stipulating that financial advisors are responsible for the security of their own data even if an outside provider such as RightSize Solutions is managing the data. The third-party backup archive is delivered in addition to RightSize’s existing backup services. The third-party backup from IBackup gives advisors the comfort of knowing that they are not held captive should they change providers, and it augments their compliance with security regulations.

“Advisors understand about the need for contingency plans,” explained Stillman. “It’s very unlikely that any of our clients will ever need to retrieve their data from IBackup. However, it’s an added security measure. Many advisors will sleep better at night knowing that they have direct access to their data, even if something were to happen to RightSize. I haven’t heard of anyone else in the industry doing something like this.”

“We’re teaming up with RightSize Solutions because we know that data protection is a big part of a business’ security needs,” said Shane Bingham, business development manager, IBackup. “Our core focus is on providing the technical infrastructure and robust backup features, while RightSize brings years of experience and first-hand knowledge in managing the unique needs of financial advisors. Working together to protect business just makes sense.“

Reducing Compliance Issues
Increasingly stringent compliance regulations mandate the archival of all electronic communications, which can prove expensive and time consuming and even leave firms at risk. Using solutions and improvements offered by RightSize Solutions, enables advisors to satisfy regulatory requirements and reduce both administrative and compliance burdens.

“We’ve amplified our email archive with 100% data capture, indexing and fidelity of all a firm’s email messages and attachments,” said Stillman. “With the enhancements to audit reporting and the addition of the social media archiving solution, advisors can meet the regulatory compliance mandates from the SEC and FINRA.”