It’s a watershed moment today - for Armorblox as well as for financial advisors everywhere. Fidelity Institutional℠, the division of Fidelity Investments dedicated to providing technology, solutions and insights to wealth management firms and institutions, today announced access to Armorblox to protect their registered investment advisors, family offices, and end clients.
With this offering, Armorblox can alert financial advisors of fraudulent email activity and automatically prevent email based financial fraud and phishing attempts to protect them and their end clients from compromise.
Stopping the Most Expensive Form of Cybercrime
While ransomware continues to dominate headlines and column inches everywhere (with good reason), there are forms of cybercrime that are arguably harder to detect and easier to execute that are going unnoticed - Business Email Compromise (BEC) and Email Account Compromise (EAC).
The FBI cited $1.86 billion in reported losses due to BEC and EAC attacks in 2020 alone. These attacks target humans and workflows rather than any form of security system or architecture. By using impersonation and social engineering techniques, pretending to be trusted entities, or in some cases actually compromising trusted entities, these threats are stealing money and data with impunity.
The examples are specific and endless. A client of a financial advisor getting compromised and requesting a fraudulent payment; the payroll team getting spoofed direct deposit details from an attacker pretending to be an employee; victims getting 0-day credential phishing links from banking portals that are unerringly similar to the real thing. One successful attack can cause millions of dollars of damage, not to mention the reputational and legal repercussions that follow.
By working with Fidelity, Armorblox will secure financial advisors from targeted email attacks that steal money and data by just asking for it.
Show the Science, Hide the Rocket Science
If you cast your eye over the last 20 years of email security, what sticks out? I can share what sticks out to me: email security takes far more time and effort from security teams than it should. Whether it’s manually setting up and maintaining policies, shouldering the complexity of MX record changes and email rerouting, or searching for suspicious emails across hundreds of inboxes - it doesn’t have to be this way.
At Armorblox, we’ve tried from Day 1 to be easy to use, surface the right threat insight at the right time, and reduce security busywork. Our platform deploys in minutes over API. All our ‘policies’ are prebuilt and obviate the need for security teams to play Whac-a-Mole with endless if-then statements. Our threat insights are in plain English and are built for human eyes. The majority of our response actions are automated, can be taken across mailboxes, and stackable in a no-code workflow.
This ease of use makes Armorblox an effective email security solution for organizations with dedicated security teams or no security team. Listen to Greg Fulk - COO of Valeo Financial Advisors, an Armorblox customer, and a Fidelity client - as he shares how straightforward it is to use Armorblox on a day-to-day basis:
Because Armorblox is sophisticated under the hood but simple above the hood, we have been able to gain the trust of over 56,000 organizations across industries and sizes. And because we build custom models for every customer and user mailbox, we protect them against attacks that target them specifically.
Through our work with Fidelity, we strive to provide peace of mind for their registered investment advisors and end clients. We see this as a critical step in our journey of raising the bar for cybercriminals everywhere that look to perpetrate email-based financial fraud.
Want to see Armorblox work in your email environment? Get a free 2-week risk assessment below that will highlight all the email attacks that got past your existing email security controls.