Paradigm Consulting has announced a new strategic partnership with Mitigo Cybersecurity, in order to provide its member firms with a trusted cybersecurity solution to keep them protected against cybercrime and business disruption.

The financial support consultancy said in order to recognise the increased risks posed to the financial services industry from cyber-crime, it had sought out a partner whose expertise is focused on this sector. The service offered by Mitigo covers risk assessments, technology testing, training and governance.

Paradigm Consulting provides compliance and regulatory support to 394 firms, giving these firms access to a panel of strategic partners whose propositions are all designed to support the IFA market.

Mitigo offers ongoing security to safeguard firms against cybercrime. Paradigm firms will also get access to its dedicated client helpdesk and a sandbox to which suspicious content may be sent.

Bob Hunt, managing director of Paradigm Consulting, said: “Cybercrime is now a serious risk in terms of client and proprietary confidentiality, operational resilience, loss of money, trust and reputation, and it should be governed like any other business risk. The FCA requires firms adopt a security culture from the board down. The Mitigo solution meets a real member need to manage this risk and satisfy regulatory compliance.”

Lindsay Hill, CEO of Mitigo, added: “There are two big dangers for wealth managers, financial advisers and mortgage advisers. The first is failing to recognise they are a prime target for organised cybercrime. The second is assuming their general IT support are qualified to look after their cybersecurity and cyber risk management when they are not, and nor should they be. It is a different discipline. We are pleased to be working with the UK’s premier support services provider to keep their members safe.”