For years, brokers have been focused on compliance, and rightly so.

But quietly, another risk has been growing in the background. One that is less visible, harder to control, and often far more costly when something goes wrong.

Cybersecurity.

The reality is that brokers are now handling more client data, across more systems, and more communication channels than ever before. And in many cases, the biggest risks are not coming from sophisticated attacks, but from everyday processes that have become normal.

The risk is more about human error than most would realise.

The following two case examples illustrate how easily everyday mistakes can lead to serious financial and operational consequences.

Case 1:

Take a recent example from a mid-sized brokerage.

A broker accidentally sent an email attachment containing multiple clients’ application data to the wrong recipient. It was a simple mistake; one most brokers could imagine happening on a busy day. The outcome was anything but simple. 

Case 2: 

A broker received what appeared to be a legitimate email requesting updated settlement details.

The email looked real. It directed them to a familiar-looking portal. Credentials were entered, and funds were transferred.

This is known as business email compromise, and it is becoming increasingly common in financial services.  

Where most broker processes are exposed

Across both examples, the pattern is consistent:

• Sensitive data is being shared via email
• Documents are stored across multiple locations
• Communication happens outside of secure environments
• Processes rely on memory and manual checks

These are not edge cases. They are everyday possibilities.

“A typical broker’s day-to-day work is very busy, with many emails and electronic messages being sent and received at high pace. When you combine those elements with the breadth of personal information involved in each loan application, and the ill-intent of cyber criminals looking to capitalise on lapses of judgment, there is significant potential for things to go wrong.”

Richard Brown

AFG Senior Manager – Risk

Reducing risk without adding complexity

The challenge is not just awareness. It is creating a process that reduces risk without slowing the business down.

This is where BrokerEngine Plus plays an important role.

By centralising deal data, communication, and document collection into a single environment, brokers can significantly reduce their reliance on email and fragmented systems.

• Sensitive information is no longer sent back and forth via email. Documents are collected through a secure client portal.
• Instead of relying on memory, workflows guide what needs to happen next.
• Instead of multiple systems, there is a single source of truth for each deal.

The result is not just efficiency. It is control.

As the industry continues to evolve, brokers will naturally look for ways to process more deals, faster. The brokers who will be best positioned moving forward are those who build processes that are not only efficient, but resilient.

Because in today’s environment, it is not a question of if something could go wrong, it is whether your process is designed to prevent it.