While this is some way off, the paper is the subject of discussions among stockbrokers and stock market bosses alike.
Solutions
Connell says: "There is no single solution to this threat, but advisers have responsibilities under GDPR to ensure their systems are secure.
"The Information Commissioner's Office sets out a detailed framework for cyber security, that includes the use of strong passwords, regularly updating training on cyber threats and avoiding the use of vulnerable forms of communication, such as unencrypted emails."
That framework can be found in full here.
Using a client portal can also help to make it harder for fraudsters to succeed with fake instructions.
The government's National Cyber Security Centre has a host of up-to-date and valuable information on how businesses can keep themselves and their customers safe, such as the 10-point plan in the information box below.
And AI can be used to help protect companies, too. Sloane adds: "Firms are using AI to assist in the development of cyber security, for example by quickly pulling together code to create new tools and solve security issues like data breaches very quickly."
Indeed, the NCSC states: "Expertise, equipment, time and financial resourcing are currently crucial to harness more advanced uses of AI in cyber operations."
To defend against cyber criminals, and therefore defend yourself against potential claims, it is important to look into AI and make sure your systems are robust and up to date enough.
Recently, for example, Themis recently developed an AI chatbot to help financial services companies not only answer queries but also tackle financial crime.
The AI chatbot can deliver instant responses to queries, and can link users with agents who can answer any additional queries, but will be monitored by financial crime experts to help prevent fraud.
McKenna also advocates asking your professional indemnity insurer whether cyber/AI claims are covered under your existing PII, and if not to take out additional cover to provide some protection.
Mortgage and vulnerability opportunities
Having said all the above, there are many opportunities, not least on the potential for AI to transform customer support structures.
Zahra Hassan is co-founder of UK fintech Eligible. She says AI has the power to transform customer support from a reactive relationship to a proactive one.
For example, she explains: "Instead of banks providing support only when the customer asks for it, AI can detect those who are likely to need assistance and proactively engage with them, fostering education and active dialogue.
“What AI can do today is interact with customers and measure the level of understanding of their existing product before providing bespoke financial expertise."
Based on this, companies can start to form views on the likelihood that they could struggle to meet their payments, and enable banks and customer support managers to put financial plans in place much sooner and proactively, rather than waiting for customers to contact them after missed payments.
