Amid the unprecedented global ransomware attack last week, Intelliflo found almost half of 220 advisers it surveyed have been affected by cyber attacks.

While many advisers told the company they recognised the importance of cyber security and keep their software up to date, Intelliflo said there needs to be more awareness about how ‘risky’ unsupported browsers can be.

Intelliflo’s analysis of its users highlighted that around 10% were using unsupported browsers or operating systems, which “leaves them exposed to a plethora of cyber risks”.

The survey showed 44% of advisers had direct experience of cyber attacks, with 30% experiencing them in their personal lives and 14% in their businesses.

In a separate poll, Intelliflo found that four out of five (82%) consumers said they would fire their adviser if it became public that the adviser had been hacked.

A further 44% of respondents in the adviser survey knew people who have been victims of attacks - only 12% said they, or anyone they knew, had no experience of cyber attacks.

Nick Eatock, executive chairman of Intelliflo said: “The findings are a shocking testament to how common cyber attacks have become and highlights how crucial it is that advisers ensure they are using software for clients that is designed to protect data from malicious attack.

“When you take into consideration that, under the General Data Protection Regulation, all firms will have to report breaches that are likely to result in a risk to the rights and freedoms of individuals within 72 hours, breaches will become publicly available. In some cases you will be required to inform the individuals who have been affected by the breach.”

Intelliflo has joined up with NCC Group, a global expert in cyber security and risk mitigation, to create a free-to-download paper entitled Mitigating Cyber Risk in the Financial Services Sector.

The paper covers how to develop a cyber security strategy and to build a toolkit to mitigate risk.

Intelliflo and NCC Group will be launching a free cyber security helpline for iO users which will be live in June.

Financial advisers who have any queries relating to their security arrangements, or who believe that they have been attacked, will be able to utilise the helpline free of charge.

Intelliflo is providing a free interactive cyber security eLearning course for iO clients.

Ben Jepson, director for risk management at NCC Group, said: "Threat actors are using increasingly sophisticated techniques and with just 12 months to go until GDPR is enforced, it is vital that organisations in all sectors take cyber security seriously in order to mitigate risk.

“The Information Commissioner's Office can currently fine organisations up to £500,000, but this is going to rise to a maximum of €20 million or 4% of a company's global turnover in May 2018.”