Paradigm has announced the addition of a new Cybersecurity test module on its CPD Test Zone.

The new Cybersecurity Test has been designed to help firms understand a range of related issues, including the most common types of cyber-attacks, how to protect their business and ways they can prevent this happening with low-cost solutions.

It details what firm’s regulatory requirements are around this, and explains how a firm can write and implement a realistic cybersecurity plan.

This specific Cybersecurity Module within the Academy and Test Zone is suitable for all advisory firm staff, but Paradigm said it will be of specific interest to senior managers who are responsible for protecting the firm against data protection breaches and financial crime.

The CPD Test Zone is part of Paradigm’s CPD Academy and provides video learning, followed by multiple choice questions and case studies, to assist advisers by putting their learning into practice.

Tests included in the Zone cover a range of topics such as Anti-Bribery and Whistleblowing, Anti-Money Laundering, Certification, Complaints Handling, Conflicts of Interest, Consumer Duty, Mortgage Fraud, and Vulnerable Clients.

The full CPD Academy also provides firms with free access to a wide range of CPD activities and training materials, details of specific CPD-focused events and an extensive literature library.

Christine Newell, mortgage technical director at Paradigm, said: “At Paradigm, we are committed to offering firms access to a wealth of quality CPD and training materials which will ultimately enable them to deliver excellent customer outcomes. What firms also need to do is protect themselves and their clients, and one potential area of detriment is via cyber threats, data breaches and fraudulent activity.

“According to the ‘UK Official Statistics Cyber Security Breaches Report’, last year 39% of UK businesses identified cyber-attacks and the National Cyber Security Centre indicates the average cost of a UK data breach or cyber-attack is £4,200.

“By adding this Cybersecurity module to the CPD Test Zone, firms – and specifically the individuals who are responsible in this area – can learn about the ways and means by which breaches can occur, and importantly, how they can protect their businesses and their clients against such activity. We know that firms are facing many challenges at present, due to market conditions, increasing workloads to get cases across the line, cost of living and staffing issues, but also potentially serious cyber threats. This test will provide valuable support in this area, and we hope that firms will consequently be better informed and better able to understand the possible threats, and what they can do to protect against them.

“Under Consumer Duty, we also know firms will be looking at their training and competency schemes, and seeking more ways to demonstrate their personnel are always taking a customer-centric approach and understanding how to approach certain scenarios. We now have 16 tests available for firms to use as part of their annual training programs, and I would recommend any managers looking to review their T&C schemes to consider this as one part of their solution.”