Cyber Security Risks to Fund Managers
Cyber threats have a global reach and target all industry sectors. But the Wealth Management industry makes a particularly attractive target because it handles large amounts of capital associated with high profile wealthy clients, and is also home of a large number of relatively-small firms that maybe have not had information security at the top of their agenda for quite some time, and as a result many might have fallen behind in terms of maturity.
Those cyber threats have not appeared overnight. In fact, they have been evolving for the best part of the last fifteen years and therefore there is a vast body of good practice that will go a long way to ensure protection. But those good practices have to be in place, both within each firm’s environment and within the environment of their service providers.
Cutting corners around cyber security good practices on grounds of costs or convenience simply creates opportunities that cyber threats can target. This is increasingly becoming a matter of mindset, culture and governance. Sadly, we live in a world where prioritising convenience ahead of security can cost you more than you think.
This article from Corix Partners was featured in Wealth & Finance International published on 31st March 2016.
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