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RightSize Solutions Announces Industry-Leading Two-Factor Authentication at T3 Conference

Submitted by Technology Tools for Today on February 12th, 2015


Other New Integrations Help Advisors Remain Nimble and Stay Ahead of Security Regulations

RightSize Solutions, an intelligent cloud technology firm providing business and technology management to financial advisors, today at the T3 Technology Tools for Today conference announced three important new solutions for financial advisors seeking greater efficiencies and stronger data security.

  1. New industry-leading two-factor authentication capabilities, developed to help advisors achieve greater control over access to their systems and data
  2. A new third-party backup integration, giving advisors unfettered access to their data and the freedom to change IT and infrastructure vendors without undue encumbrances
  3. Amplified email and social media archiving, giving advisors everything they need to meet the regulatory compliance mandates from the SEC and FINRA

ENHANCED TWO-FACTOR AUTHENTICATION PROTECTS ADVISORS

Cybersecurity is top of mind across the industry. However, what most don’t realize is that many attackers have compromised companies by simply gaining knowledge of users’ passwords. An easy way to sidestep this problem is to require enhanced authentication beyond the username/password combination. RightSize Solutions has rolled out its custom developed two-factor authentication feature targeting the needs of financial advisors for improved security and auditing abilities.

“Our two-factor authentication helps advisors ensure compliance and security. This is just one more step in our continuing innovations to stay ahead of the security risks,” said Wes Stillman, founder and CEO of RightSize Solutions. “It’s important for advisors to understand that the weakest links in cyberattacks are most often with end users and end devices, making formal processes, procedures and tools like this necessary to safeguard important data.”

Zohar Swaine of Mink Hollow Advisors, a wealth management corporate strategy firm, agrees with Stillman in this regard, saying, “In our industry, where maintaining client trust is paramount, it is incumbent that financial advisors consider a layered approach to data security. Financial advisors would be wise to contemplate multifactor authentication and how it can increase the level of protection against breaches. We may actually have a problem in that there does not seem to be enough conversation in the industry about this. A good multifactor authentication solution, such as the newly enhanced system offered by RightSize, could be a lifesaver for many financial advisory firms.”

While some large custodians have been giving out key fobs as a way to achieve two-factor authentication, RightSize has designed an even more efficient technology. “Key fobs work, but they can be costly and a logistical problem for end-users and administrators,” Stillman said. “And they lack the ability to keep up with today's needs. Our goal was to make the process easy to implement, with minimal cost, and convenient for advisors to use.”

The RightSize two-factor authentication technology utilizes a device advisors already have in their possession – a cell phone with a mobile app or text messaging – eliminating the hassle of extra hardware. By incorporating Microsoft Azure to deliver authentication messages, verification can be set up and delivered to a mobile device or an office phone -- there is also an option to authenticate utilizing a voice response system. Additional customization can dictate guidelines such as preventing employees from logging in unless they are at their office computer.

THIRD-PARTY BACKUP GIVES UNFETTERED ACCESS
In addition, RightSize Solutions has paired up with IBackup®, the leading online backup and storage service provider, to ensure advisors have unfettered access to all their data. This new integration responds to SEC guidelines stipulating that financial advisors are fully responsible for the security of their own data even if an outside provider such as RightSize Solutions is managing the data. The third-party backup archive is delivered in addition to RightSize’s existing data backup services. The third-party backup from IBackup gives advisors the comfort of knowing that they are not held captive should they make the decision to change providers, and it augments their compliance with security regulations.

“Advisors understand about the need for contingency plans,” explained Stillman. “It’s very unlikely that any of our clients will ever need to retrieve their data from IBackup. However, things happen, and it’s an added security measure. Many advisors will sleep better at night knowing that they have direct access to their data, even if something were to happen to RightSize. I haven’t heard of anyone else in the industry doing something like this.”

“We're teaming up with RightSize Solutions because we know that data protection is a big part of a business’ security needs,” said Shane Bingham, Business Development Manager at IBackup. “Our core focus is on providing the technical infrastructure and robust backup features, while RightSize brings years of experience and first-hand knowledge in managing the unique needs of financial advisors. Working together to protect business just makes sense."

ARCHIVING SOLUTION REDUCES COMPLIANCE ISSUES
Increasingly stringent compliance regulations mandate the archival of all electronic communications, which can prove expensive and time consuming and even leave firms at risk if the appropriate tools are not employed. Using innovative solutions and continuous improvements offered by RightSize Solutions, enables advisors to satisfy regulatory requirements and reduce both administrative and compliance burdens.

“We’ve amplified our email archive with 100% data capture, indexing and fidelity of all a firm’s email messages and attachments,” said Stillman. “With the enhancements to audit reporting and the addition of the social media archiving solution, advisors have everything they need to meet the regulatory compliance mandates from the SEC and FINRA.”

RIGHTSIZE FOUNDER TO SPEAK AT T3, DEMO AT BOOTH
RightSize Solutions will be sponsoring and exhibiting at the 10th annual T3 Technology Tools for Today conference in Dallas, February 12-14, 2015. Attendees and journalists are invited to stop by the RightSize booth to learn more about RightSize and all of the partner firms and integrations now available. In addition, Wes Stillman will discuss emerging technology during a panel presentation on the topic on Saturday, February 14th from 8:00 – 8:50 am. Watch the conference hashtag #T32015 on Twitter for quick insights and key takeaways.

About RightSize Solutions, Inc.
Recognizing that the cost of technology is a significant management concern, RightSize Solutions, Inc. provides co-sourced technology and technology staffing services to financial service firms. They strive to improve the profitability of their client firms by leveraging their technology investment, thereby reducing costs and dramatically improving productivity. Wes Stillman founded RightSize Solutions in 2002 and serves as the firm’s chief executive. Mr. Stillman has 30 years of experience managing technology and technology consulting operations within the financial service, technology and transportation sectors. To learn more, visit www.rightsize-solutions.com.

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