New Agency to Protect Advisers Against Cybercrime


The host of a popular financial advice podcast, who is a former adviser, has launched a cybersecurity agency to protect financial professionals against the growing risks of cybercrime.

Fraser Jack,  host of the XY Adviser podcast, who had an 18 year career within the financial advice landscape both as an adviser and an executive, believes it is an ideal time to set up his boutique cybersecurity agency, The Cyber Collective.

A statement from Jack says that in an industry where vast quantities of confidential information is stored, “…the need for sufficient protection against online fraudsters is vital, but oftentimes inadequate.”

a financial advice business …is around 300 times more likely to be targeted

Fraser Jack.

He says a financial advice business “…is around 300 times more likely to be targeted than any other business and they keep way more information on record (from bank accounts and medical records to superannuation and tax returns) than your average business.”

By launching the Cyber Collective, Jack hopes to provide a one-stop solution for advice businesses of all sizes to protect their clients’ private data and their firm’s professional reputation.

“Smaller firms have had so much on their plate over the past few years, they haven’t had the time or resources to focus on cyber, however, now it has become urgent,” he says.

The company notes that an “eye-watering” 62% of Australian businesses have already fallen victim to some form of cyber attack, with online crime costing Australians $33 billion in 2020/21.

“Access to cyber protection education specific to financial advice is lacking and by offering services such as email safety and staff training, The Cyber Collective aims to help protect Australian financial advisers in the increasingly intense battle against cybercrime.”