Baird’s Cybersecurity and Fraud Protection Program
We recognize that maintaining the confidentiality of this information is essential to fulfilling our commitment to supporting our clients' wealth management objectives. We take every precaution to safeguard our clients' assets and personal information and are dedicated to providing a secure environment for them to conduct their financial activities.
To accomplish this, Baird's Information Security Program takes a risk-based approach to manage cyber risks and aligns with NIST frameworks. We engage an independent firm to perform annual SOC 1 audits of Baird’s controls related to the custody of client assets. We also strive for continuous program improvement, leveraging internal yearly risk assessments, bi-annual penetration tests with rotating vendors, and regular network vulnerability scanning.
Baird is committed to protecting you and your family by investing in cybersecurity and fraud protection technology. Our IT Security and Information Security teams consist of some of the best cybersecurity experts in the industry, allowing us to maximize the impact of our cybersecurity spend and tailor our security technology and practices to the current cyber risk landscape. In addition to our in-house cyber defense organization, we also work with industry and government partners to further enhance our security efforts. This combination of technology and human expertise allows us to provide the confidence and security you expect from your trusted wealth management firm.
Defense in Depth
Baird has adopted a Defense in Depth strategy as part of our technical architecture. This approach involves implementing multiple layers of defenses to protect our most critical systems and enable close monitoring of system access and data movement. Utilizing this strategy, we aim to enhance the security of our systems and protect against potential threats.
Safeguarding Your Information
The rapidly evolving nature of the cybersecurity field requires proactive measures to defend and monitor our systems. Our fraud protection and cybersecurity program include various measures to anticipate potential issues and respond effectively when they occur. By staying ahead of potential threats, we can better protect our systems and the information they contain.
At Baird, we prioritize security and implement various measures to protect your personal information and assets. We use a combination of different cybersecurity, fraud protection, and regularly reviewed security processes to ensure the safety of your online transactions and communications. Some of the security measures we employ include:
- Strong encryption protocols to protect data.
- Continuous monitoring to detect and prevent fraudulent activity.
- Multi-Factor Authentication options for all client communication channels.
We also emphasize training our employees on cybersecurity and fraud protection policies and procedures to ensure our team is equipped to respond to and effectively address any suspected cybersecurity or fraud events. We are committed to working closely with our clients to resolve these issues and protect their sensitive information.
Our program benefits from meaningful investment in cybersecurity using the best-in-class fraud-prevention technology and business partners. To maintain a comprehensive and robust security posture, we:
- Routinely test systems and security protocols for potential vulnerabilities.
- Ongoing investment in new safeguards and security technology.
- Contract with independent security firms for biannual testing of systems and applications.
Enhanced Security Features
Baird is committed to providing enhanced security features to protect your information when managing your account on Baird Online or the Baird Mobile App. As cybercrime becomes increasingly sophisticated, Baird continues to develop new ways to help you access your account more securely. These features are designed with your needs in mind, ensuring you can confidently manage your account.
Multi-Factor Authentication (MFA)
Baird offers Multi-Factor Authentication as a risk-based solution to enhance the verification process. As a Baird client, you have this additional layer of authentication for Baird Online and the Baird Mobile Application, in addition to your usual login credentials. This added security measure helps to protect your account and ensure that only authorized users have access to your information.
Notifications and Alerts
Baird may contact you to verify the validity of specific transactions or changes to your account. Please carefully review any notifications you receive.
Secure Login/Password Complexity Indicator
Baird offers guidelines to assist in the creation of secure passwords. We will evaluate whether the password you choose meets our recommendations. It is essential to use unique credentials for your Baird Online account and not reuse the same username or password for other online accounts. This helps to protect your personal information and ensure the security of your interactions with Baird.
Threat Landscape Monitoring
At Baird, we work closely with trusted vendors and actively participate in industry information-sharing forums to stay informed about the latest developments in the cybersecurity and fraud landscapes. We use this knowledge to continuously improve our defenses and protect our clients' assets.
Common Fraud Schemes
Fraudsters constantly develop new tactics to obtain personal information and compromise online security. To protect yourself from falling victim to these social engineering schemes, you must stay informed about the common methods used by fraudsters to manipulate individuals into sharing sensitive information. By being aware of these tactics, you can identify malicious activity and take steps to protect yourself. Staying informed is the first step in protecting yourself from becoming a victim of fraud.
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How Clients Can Protect Themselves
As a leading provider of financial services, Baird takes every precaution to safeguard our clients' assets and information from cyberattacks. However, it is important for our clients to take active steps to protect themselves from fraudulent activity. With the increasing volume and sophistication of cyberattacks, individuals and families must be vigilant in defending against these threats. Working together can help ensure the safety and security of our clients' assets and information.
We strongly encourage taking advantage of multi-factor authentication where available to help improve the security of your online accounts. As a Baird client, your online and mobile Baird Online account security benefits from having MFA. MFA adds another layer of protection to online accounts in addition to your username and password. MFA is offered by a range of companies, including social media platforms, financial institutions, and tech giants, to help keep user accounts secure. This additional security measure will provide added protection for your account and personal information.
Exercise caution when accessing sensitive information on public Wi-Fi networks. These networks are often not secure and can expose personal information or passwords to potential cyber threats. To protect yourself, it is recommended to create a personal Wi-Fi hotspot with your phone and use it to log in to sensitive sites. This will ensure your information remains secure and protected from potential risks. It is always better to err on the side of caution when protecting your personal information online.
Be cautious when sharing personal information on social media. This includes your birth date, birthplace, phone numbers, and any financial information such as credit card and bank account numbers. This type of information could potentially be used to guess passwords or security questions, so it is best to keep it private.
It is essential to regularly update your passwords and keep them private to maintain the security of your accounts. Implementing a strong password strategy is crucial in protecting against potential cyber threats. Your passwords should be long and have a unique combination of uppercase and lowercase letters, numbers, and special characters. Length trumps complexity. Additionally, it is best practice to avoid using the same password across multiple accounts. Following these guidelines can effectively secure your online information and reduce the risk of unauthorized access.
By enrolling in alerts and notifications for your account, you can effectively manage and monitor your accounts, enabling you to detect any suspicious or unfamiliar activity in a timely manner.
Anti-virus software protects your device by detecting and blocking the latest viruses that could steal your personal data and information. This software provides a critical layer of security to help keep your sensitive information safe from cyber threats. The software can provide effective protection against the latest viruses and malware by regularly updating the virus definitions.
Cyberattacks can happen to anyone, even the most careful individuals. To protect yourself from potential fraud, it is important to regularly monitor your accounts for any signs of unauthorized activity or identity theft. You can help prevent financial loss and protect your personal information by staying vigilant.
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With so much of our business happening online these days, it’s no surprise that hackers put a great deal of effort into trying to access your information. What can you do to protect yourself? Here are a few real-world strategies to keep in mind:
Wire fraud is one of the most frightening types of theft that can happen to you, if for no other reason than wire transfers are routinely transacted in the tens or even hundreds of thousands of dollars. But a good financial professional, such as those at Baird, can help ensure your transactions are safe.