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Technology Changes that Have Impacted RIAs in the Last 8 Years

This month, as we celebrate our 8 year Anniversary, we thought it would be fun to take a trip down memory lane and share how our company and technology has changed since we started our business.

Mimic Technologies to ITEGRIA

One of the biggest changes over the past 8 years was rebranding our company in 2014. We changed our name from Mimic Technologies to ITEGRIA to avoid confusion with other “mimics” or companies with similar names, as well as to create a more recognizable brand in the industry. Settling on a name is never easy but the whole company was energized in rebranding under a name that reflects our promise of “IT with Integrity for RIAs.” We focus solely on being the Outsourced Technology Partner for Registered Investment Advisors (RIAs), helping them navigate the ever changing and challenging IT risks to their firms including cyber security, IT compliance, and disaster recovery.

Increased Focus on Disaster Recovery and Cyber Security

Some key events over the past 8 years have moved cyber security and disaster recovery to the forefront for RIA firms. Natural disasters like Hurricane Sandy in 2012 shut down cities, operations, and businesses for days, if not weeks. 10 months later, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert on business continuity and disaster recovery planning. The SEC advised financial firms to be better prepared so this does not happen again. The SEC explained that natural disasters, especially hurricanes, occur regularly, and firms need to have plans in place to continue communication with clients and workers, including off-site capabilities such as dual location data centers. The SEC now requires that a full disaster recovery test be performed and properly documented every single year to be in compliance with regulatory requirements.

In April of 2014, after numerous headlines about hacking and data security breaches amongst big companies like Target and Home Depot, the SEC’s OCIE announced that it would be conducting an exam of 50 registered broker dealers and registered investment advisors with a focus on technology, including cyber security preparedness.

Cyber security continues to plague all companies, like last year’s Chase Bank and this year’s Anthem customer data breach. President Obama recently got involved creating a new National Cyber Security Agency and has pitched the Personal Data Notification and Protection Act, designed to help bring peace of mind to Americans whose personal and financial information has been compromised in a data breach. This proposal clarifies and strengthens the obligations companies have to notify customers when their personal information has been exposed, while providing companies with the certainty of a single, national standard. Since this affects our RIA customers greatly, we continue to work with our customer to help them be cyber secure and regulation compliant.

Bottom-line, while disaster recovery and cyber security were important 8 years ago when we started our company, these threats have only intensified and now there is government enforcement in place to ensure compliance.

To learn more about this, check out our blog posts on How RIAs Can Proactively Meet Cyber Security Standards and The Key Components of a Disaster Recovery Plan for RIAs.

Cloud Computing

Cloud computing was just coming into the picture 8 years ago when we started ITEGRIA. Now, more and more RIA applications and technologies have moved or are moving to pure cloud offerings, forcing RIAs to move all or part of their infrastructure to the cloud. ITEGRIA as a company has been on the forefront of these technology changes and we are able to manage all network designs whether local, cloud, or a hybrid of both. However, the recent boom in Cloud applications drove the development of some of our most recent service offerings, like Total AdvisorCloud™

We are very proud of the fact that in our 8 years we have developed some of the most unique and robust best practices to help RIAs manage their technology and technology risks to their firm. With the emergence and demand for cloud infrastructure solutions, we have been able to apply all of our best practices from local infrastructure management to our private cloud solution. However, while a cloud infrastructure is a viable option for some RIAs, it’s not the best solution for all. One of the biggest industry trends — that we are on forefront of — is creating a hybrid design infrastructure that combines the best of both local and cloud infrastructure.

A lot has changed over the past 8 years in terms of compliance regulations, technology offerings, and the pure amount of data RIAs must work with on a daily basis. However, one thing that hasn’t changed is that no one brings RIAs a more focused, more dedicated commitment to protecting your firm and its reputation — as well as perfecting your technology — as we do.

Here’s to serving you for the next 8 years!

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