Platform providers gear up to increase security but more than half still rely on the basics, finds NextWealth

Cybersecurity

Nearly half (45 per cent) of UK investment platforms have introduced either two factor authentication (2FA) or multi-factor authentication (MFA) finds research by NextWealth. 

The rest rely on standard security, such as username and password but most are planning to introduce additional security measures over the next 12 months. Almost a third (30 per cent) plan to introduce 2FA and a similar number (30 per cent) plan to introduce MFA, taking the projected number of platforms using these additional security measures to 86 per cent. 

NextWealth's Managing Director, Heather Hopkins, comments: "It's good to see that almost half of platforms have already introduced 2FA or MFA. Looking ahead twelve months, all but three of the 21 platforms we considered will make use of 2FA or MFA, as it rapidly becomes the standard for secure login. The next step will be biometric sign on, such as fingerprint or face ID. AJ Bell and True Potential are pushing the boundaries, offering biometric sign-on. P1 expects to follow suit in the next year." 

Full details of the security options available by named individual platforms can be found in the latest update to the NextWealth Adviser Tech Stack report. 

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