Managing and securing data across a large, interconnected system can be daunting, especially at the state and local levels. Ensuring that you have a secure, up-to-date IT infrastructure is not always easy to accomplish, leaving you and your citizens vulnerable to attacks. Cybercriminals are angling to break through firewalls and clone data where they can, resulting in city or state-wide utility outages, compromised private citizen data, and much more. Breaches like these also disrupt daily operations to a state or local government, which can cause long-term damage.
44% of government agencies have said they experience cyber attacks daily, with the pace of breaches accelerating, according to researchers. Download our eBook to learn more.
The Partner That Knows: Hedge Funds Industry eBook
Today, regulators are taking a stronger interest in understanding and assessing the resilience of alternative investment firms to cyberattacks. Finance firms are 300 times more likely to be targeted by a cyber attack. Hedge funds in particular make for enticing targets not just because they handle large amounts of money, but also because many firms have well-known principals that are highly visible in the market and easy to target. A hedge fund cyber breach would uncover sensitive investor information, intellectual property in the form of trading strategies and investment positions, and even PII of key stakeholders. Information of this magnitude can be used for further breach, sold illegally, and present extreme reputation damage of individuals and the overall business.
The vast financial services ecosystem and global interconnectedness of transactions present an extremely broad attack surface for potential exploitation. Management teams across the industry are prioritizing cybersecurity vigilance as an essential operational component of fiscal business stability.
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Gartner, The Cloud Strategy Cookbook, 2023, David Smith, 1 February 2023
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A cyber attack disrupts normal business operations and can cause longer-term damage to important IT assets and infrastructure that can be impossible to recover from without the budget or resources to do so. According to Ponemon Institute’s State of Cybersecurity Report, small to medium-sized businesses around the globe report recent, worrisome experiences with cyber attacks:
- Insufficient security measures: 45% say that their processes are ineffective at mitigating attacks.
- Frequency of attacks: 66% have experienced a cyber attack in the past 12 months.
- Background of attacks: 69% say that cyber attacks are becoming more targeted.
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Private Equity Operations Teams Climb the Cyber Risk Maturity Curve
Private Equity (PE) is unique within the world of financial services. Unlike most investment firms, private equity players like to roll up their sleeves and take a more active role in managing and shaping the companies they invest in. With a cadre of vertical industry experts and in-house business transformation special ops teams, PEs like to focus their investment strategy on private companies with a longer, multi-year investment horizon and establish close working relationships with their portfolio company management teams. Value creation is the goal, and PE firms accomplish that through operational improvements, strategic initiatives, cost reductions, and market expansion.
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