From www.ifa.com.au: Fraser Jack, founder of The Cyber Collective, emphasizes the need for financial advice firms to conduct thorough due diligence on new technologies to protect client data and maintain regulatory compliance.

He suggests that firms can look to the strict vetting processes of big banks as a model for evaluating potential technology solutions.

Jack warns that as hacking techniques become more advanced, the security of stored data may diminish over time, underscoring the importance of assessing long-term data protection.