Growth feels great. Winning new clients, rolling out services, and scaling through M&A can make any business feel unstoppable. But there’s a catch: growth without the right risk management—especially around cybersecurity—can quickly unravel.
Cyber Risk: The Silent Growth Killer
Cybersecurity isn’t just an IT problem; it’s a business problem. And in advice, the stakes are even higher. Our industry is fragmented, often subscale, and deeply trusted with sensitive client information. That makes advice firms prime targets.
Recent regulatory moves are a red flag. When APRA had to direct superannuation funds holding $4.2 trillion in savings to implement basic multifactor authentication, it highlighted a troubling reality: even major players can lag behind. If they’re exposed, what about SMEs?
The Basics Still Matter
It doesn’t take a million-dollar budget to strengthen defences. Four simple actions can transform a business’s risk posture:
- Access control: MFA, strong passwords, and role-based privileges.
- Regular updates: Keep software patched and current.
- Data protection: Encrypt sensitive information.
- Response planning: Have a clear incident plan before you need it.
Too many advice firms still don’t have these in place. That gap is a liability not just to compliance, but to trust and growth.
Busting the Cyber Myths
Forget the Hollywood stereotype of a lone hacker in a hoodie. Cybercrime today is a global business, with organised teams running professional operations. According to the Australian Cyber Security Centre, a cybercrime happens every six minutes—and financial services are in the top ten most targeted sectors.
And cybersecurity isn’t just about technology. People and processes matter. Social engineering works because humans are often the weakest link. Educated, alert teams are just as important as firewalls.
Why SMEs Need Support
Small and mid-sized firms can’t be expected to manage an ever-changing threat landscape alone. That’s why leveraging licensee frameworks or partnering with specialists isn’t a luxury—it’s essential.
Paper-based attestations and ad hoc measures won’t cut it anymore. Advice businesses need robust frameworks to assess, monitor, and respond to risks in real time.
A Disruptive Edge for Growth
History shows that businesses with longevity balance stability of purpose with disruptive edge. For advice firms, that means knowing your strengths and outsourcing the rest. By partnering with experts in cyber, tech, and operational support, firms gain capacity to focus on clients, innovate, and scale sustainably.
Outsourcing isn’t about losing control—it’s about creating space to do what you do best, while trusted specialists manage the rest. It’s a courageous move that builds resilience and accelerates growth.
Final Word
Cyber threats won’t slow down. But advice leaders can choose how they respond. By making cybersecurity a boardroom issue—not just an IT one—you protect your clients, safeguard your reputation, and clear the path for sustainable growth.
At VBP, we believe the right partnerships give advice businesses their strongest edge: the freedom to grow with confidence.
This article originally appeared in Professional Planner
https://www.professionalplanner.com.au/
