Case Study: Cyber Security Managed Support for an IFA

Summary

An existing Managed Service Provider was not enough for an IFA’s growing cyber security concerns. Cyber security is complex, but we make it simple. We provided a comprehensive solution: a cyber health check assessed their current state, a remediation plan addressed vulnerabilities, and a 24/7 managed service with board-ready reporting ensured complete peace of mind. 

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About the Client

The client is an Independent Financial Advisor (IFA) company with 12 employees managing over £845 million in client assets under management (AUM). The firm relied on an existing IT Managed Service Provider (MSP) but lacked confidence in the adequacy of their cyber security posture.  

The Clients Challenge

Whilst the client had an existing IT MSP, they lacked transparency and regular reporting on their cyber security posture. Understanding the importance of protecting client and business data, they specifically requested a cyber health check on their environment to identify any security gaps.  

They wanted a cyber security partner that could work collaboratively with them and provide a full portfolio of security services – to measurably reduce risk and future-proof their defences. 

Key Outcomes

• Rapid resolution: Identified and delivered a remediation plan which was completed within four working days  

• Enhanced oversight and reporting: Inclusive monthly reports provide transparency and peace of mind, keeping stakeholders informed  

• Always-on protection: 24/7 cyber security protection, monitoring and support  

• Improved understanding: Quarterly newsletters and board-level CISO engagement keep stakeholders informed and cyber-aware   

OneCollab’s Solution

OneCollab was selected as the preferred provider to build and operate the following capabilities and services:  

• Conducting a cyber health check to identify vulnerabilities and security gaps  

• Delivered a remediation plan addressing the issues identified during the cyber health check  

• 24/7 monitoring and response of security events  

• Regular reports delivered to the Board summarising security risks and mitigation efforts  

• Annual cyber security awareness training for all staff and new hire onboarding  

OneCollab swiftly conducted their Cyber Health Check. 15 Critical security gaps were identified and resolved within four working days, including an open Wi-Fi network, incomplete security updates on workstations and two compromised devices due to phishing attacks. This rapid remediation minimised the client’s exposure to security threats.  

Monthly Board reports prepared by OneCollab provided transparency and actionable insights. These kept stakeholders informed about cyber activities and instilled peace of mind. The cyber Board report, praised by a regulator visit in December 2023, further validated the effectiveness of OneCollab’s approach.  

Additionally, quarterly newsletters and board-level CISO engagement kept the client informed and cyber-aware, empowering them to make better security decisions.  

OneCollab’s all-in-one solution, with its streamlined approach, quickly addressed the client’s immediate cyber security needs while laying the foundation for ongoing support and expertise. Unlike traditional providers with complex setups, OneCollab simplified the process, allowing the client to benefit from robust security measures right away.  

The Founder and Managing Director of the IFA company expressed satisfaction with OneCollab’s services, highlighting the simplicity of understanding cyber security risks, resulting in greater peace of mind.  

“The cyber services OneCollab delivers provide us with peace of mind and amazing value for money. I would strongly recommend them.” The Founder and MD of IFA Company, January 2024.

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