According to the latest Verizon report, 54% of data breaches in the financial industry involved personal data, and external actors were responsible for 78% of these breaches.
Personal information is abundant in financial services, making it a prime target for data thieves.
Firms are realising that their existing cybersecurity measures may not be enough to fully protect client data.
This case study explores how Thanks Wealth Planning enhanced their online communication security with Mailock.
Thanks Wealth Planning are certified financial planners who help clients design and implement bespoke wealth strategies.
Owned and led by Sam Whybrow, they specialise in wealth preservation, enhancement, and protection, earning the Top-Rated Financial Adviser accolade three years running.
For UK-based financial services firms, staying compliant with FCA authorisation is essential.
When completing their authorisation process in 2019, Thanks Wealth Planning recognised the need to invest in the right security technology to protect confidential data and meet regulatory expectations.
Mailock’s encryption and authentication capabilities stood out. They signed up without evaluating alternatives, saying there was "no reason not to use Mailock."
"It sits in my email, and I don’t think about it as being Mailock, I just think about it as being email. It hasn’t changed the way we work."
Sam Whybrow, Director, Thanks Wealth Planning
Thanks Wealth Planning described Mailock as cost-effective for the security it provides, both for them and their clients.
They found the software easy to implement, especially Mailock’s integration with Outlook, which removed the need for a separate app to secure emails.
By installing the Outlook add-in, Mailock became a seamless part of their workflow. The integration also reduced the chance of human error, helping ensure sensitive emails reach the right recipient every time.
"It’s a failsafe for me. I don’t have a peer system for checking emails, so this acts as a second pair of eyes."
Sam Whybrow, Director, Thanks Wealth Planning
Thanks Wealth Planning prioritise excellent service. That’s why introducing Mailock for client communication made such an impact.
Most clients adopted Mailock immediately - a sign of its intuitive user experience.
"They appreciate that we are going above and beyond. Email is still the way most of our clients want to communicate. It’s been around for so long now, it’s just second nature."
Sam Whybrow, Director, Thanks Wealth Planning
As a small firm, Thanks Wealth Planning value the ability to offer both a secure portal and email encryption. This gives each client a personalised choice of communication.
"I differentiate client by client. Some clients still prefer using email and aren’t used to using a full portal yet."
Sam Whybrow, Director, Thanks Wealth Planning
Even though they provide a portal, they recognise that email is still the most familiar method of communication for many clients.
Thanks Wealth Planning use a full range of Mailock features to maintain secure communications:
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