Author Archives: Megan Carnes

Monterone Partners LLP, a European equity-focused hedge fund in London, needed more support to manage its internal IT infrastructure and compliance. Over the past nine years, Thrive has been a steady and trusted partner and has reduced the firm’s costs associated with internal IT teams, equipment, and full-time employees needed to manage systems, data centres, hardware and more. 

Since 2015, Monterone, a small, London-based firm with only eight employees, has relied on Thrive to outsource its foundational IT infrastructure and security needs. Monterone benefits from Thrive’s comprehensive services, including its fully hosted IT infrastructure, managed zero trust, endpoint security, disaster recovery, and more. Thrive ensures Monterone’s operations remain resilient and compliant with SEC and FCA regulations. By removing the need for internal IT teams and reducing equipment costs, Thrive provides the critical foundation for Monterone’s growth and protection against cyber threats.

Why Thrive Was Chosen

Thrive, formerly known as Edge, stood out during Monterone’s search for a provider with deep expertise in alternative investments and hedge funds. Monterone recognised Thrive’s proven track record of delivering reliable solutions, which was crucial as the firm built its first infrastructure. The focus was on creating a system that was not only future-proof but also met stringent regulatory and resiliency requirements, particularly with the FCA and SEC providing oversight.

What truly sets Thrive apart is its ability to design and implement a solution tailored specifically to Monterone’s needs. Monterone relied heavily on Thrive’s expertise without an internal CTO to manage a smooth and disruption-free transition. This included everything from coordinating with providers to handling licensing and installation.

“Thrive’s expertise in alternative investments and hedge funds was invaluable. They also had experience with more complex firms, so they knew how to build a dependable system that could scale with us as we grew,” said Phillip Chapple, COO of Monterone Partners LLP.

Strategic Deployment of Advanced Security Measures

Monterone faced significant regulatory requirements and, without an internal CTO, needed a rock-solid and well-supported infrastructure, particularly with oversight from the FCA and SEC. The firm wasn’t seeking the latest technology but a reliable solution that could efficiently handle all their needs without complications.

“We were building our first infrastructure at the time and needed something that would last. We were focused on future-proofing, meeting all the regulatory and resiliency requirements, and finding a reliable partner for the long haul. Switching providers is a big deal for a firm our size—it’s disruptive and costly—so we had to get it right from the start,” added Chapple

Thrive handled every aspect of Monterone’s infrastructure setup. They sourced and installed all the necessary hardware, including printers, firewalls, switches, and wiring, and configured the Wi-Fi and internal networks. Additionally, they set up Monterone’s private Cloud infrastructure—a decision influenced by the regulatory landscape at the time, when public Cloud solutions were still met with some hesitation. Thrive also managed the piping and point-to-point connections to the data centres, ensuring a comprehensive and seamless implementation.

Thrive’s Impact

Over the past nine years, Thrive has been instrumental in helping Monterone navigate the increasingly complex world of compliance, especially as regulatory demands have intensified, particularly during events like COVID. Thrive’s proactive approach has consistently impressed Monterone, providing timely advice and solutions without waiting for instructions. Their expertise in regulated industries has allowed Monterone to stay ahead of industry standards with products that evolve alongside the firm’s needs without requiring major overhauls.

Thrive’s support has been particularly vital under the scrutiny of SEC and FCA audits, ensuring Monterone can securely store and easily reconstitute communications compliant, all while maintaining cost efficiency. The firm’s exceptional reliability has been a standout feature, with only one significant downtime incident in nine years—an issue promptly addressed and turned into a learning opportunity. Thrive’s proactive and seamless service has been vital to Monterone’s resilience, especially in trading operations where downtime could be detrimental.

“Thrive has always been proactive. They notice potential issues and start triaging before we realise a problem. They’ve often already switched over to backups or failovers by the time we’re aware of the situation. Their service is critical to us and consistently delivers what we need,” stated Chapple

“What impressed me most was how Thrive designed and implemented exactly what we needed. As a smaller firm, we didn’t have the in-house expertise to nail down every detail ourselves. We needed someone who could guide us without overcomplicating things. Thrive delivered a solution that fit us perfectly, handled all the providers and licensing, and took care of the installation. It was a white-glove service—they took care of everything and ensured it all happened with minimal effort and disruption on our end.” ~ Phillip Chapple, COO of Monterone Partners LLP

About Thrive

Thrive delivers global technology outsourcing for cybersecurity, Cloud, networking, and other complex IT requirements. Thrive’s NextGen platform enables customers to increase business efficiencies through standardization, scalability, and automation, delivering oversized technology returns on investment (ROI). They accomplish this with advisory services, vCISO, vCIO, consulting, project implementation, solution architects, and a best-in-class subscription-based technology platform. Thrive delivers exceptional high-touch service through its POD approach of subject matter experts and global 24x7x365 SOC, NOC, and centralized services teams. Learn more at www.thrivenextgen.com or follow us on LinkedIn.

In 2023, there was a 72% increase in data breaches since 2021, which has previously held the all-time record. In response to this growing frequency of cyber threats, cybersecurity insurers have significantly revised their policies for businesses, making them more stringent and demanding in terms of risk mitigation and management. Insurers are now requiring businesses to demonstrate not just the presence of cybersecurity protocols, but also their effectiveness and ongoing maintenance. For example, organizations are expected to implement comprehensive security measures, including advanced threat detection, regular vulnerability assessments, and a robust incident response plan. Failure to meet these heightened standards could result in denied claims, leaving businesses exposed during a cyber event and costing them financially.

In February, hackers took Change Healthcare offline in one of the most high-profile and wide-reaching cyberattacks to date. Change Healthcare serves hundreds of thousands of providers in the U.S. and processes billions of transactions every year. With Change Healthcare’s systems compromised, cash stopped flowing for hospitals and physician offices everywhere. Providers couldn’t submit new claims, pharmacies couldn’t charge appropriately for prescriptions, and prior authorizations couldn’t go through for critical procedures.

The healthcare industry poses a unique set of challenges when it comes to its cybersecurity framework. Hospitals, doctors’ offices, and local clinics are all home to vast amounts of sensitive patient and employee data. Hospitals alone store about 50 petabytes of sensitive data every year. In order to operate seamlessly and provide the best care possible, these healthcare havens need to ensure that their IT stack is robust. Cyber threats are rampant and have the potential to jeopardize patient privacy and safety, while also disrupting healthcare services to those in need and compromising the organizational integrity of the healthcare facility.

It has been about a year since the SEC enacted its cybersecurity disclosure mandate, which requires the disclosure of any material cybersecurity breach on form 8-K, item 1.05, as well as cybersecurity-specific additions to companies’ annual 10-K filing.

Companies may still be grappling with questions surrounding the new rules and processes needed to meet the SEC’s requirements.

Kevin Landt, the VP of Product for Cybersecurity at Thrive, explains how understanding third-party vendor risk can help companies fortify their cybersecurity chain from potential issues. This article originally appeared in Insight Jam, an enterprise IT community that enables human conversation on AI.

In the event of a cyberattack, companies – especially small to mid-sized businesses – often face losses so great they risk pulling their business under. With the number of ransomware attacks, phishing schemes, and data breaches on the rise, it only makes sense that business leaders and owners take steps to protect their businesses by investing in insurance – the same way they would protect company property and assets.

What’s the difference between a managed service provider (MSP) and a managed security service provider (MSSP)? About 20% of EBITDA margin-according to Rob Stephenson, CEO of Thrive, a global MSP/MSSP with headquarters in Boston, who noted this during a panel discussion at a TMT event earlier in the year, moderated by MSP Success and TMT CEO Robin Robins.

In October 2023, the St. Lucie County Tax Collector’s Office (TCSLC), an essential government entity in Florida serving more than 470,000 customers and processing 670,000+ transactions annually, experienced a significant cyber-attack that disrupted services and exposed vulnerabilities in its IT infrastructure. This case study details how Thrive, a leading Managed Security Services Provider (MSSP), assisted TCSLC in recovering from the attack, enhancing cybersecurity measures, optimizing IT systems for better protection/resilience and strengthening the office’s defense against future threats.

Why Thrive Was Chosen

TCSLC operates as an independent constitutional officer with a budget that is approved by the Department of Revenue, rather than the Board of County Commissioners. Initially, TCSLC managed its servers locally, but migrated to the county’s virtual network with a goal of improving management and security. This decision ultimately caused many challenges for TCSLC as leaders attempted to maintain a continuity of service following the cyber-attack.

TCSLC got creative in the months that followed, utilizing all available resources including the state of Florida’s FlowMobile buses to complete DMV-related transactions and hotspots with laptops to handle tax payments. Those months proved more challenging for the office than operating during COVID-19.

During this time, TCSLC also prioritized deploying advanced security measures to protect its operations at its three locations. When it came time to seek assistance from an IT security expert, partnering with Thrive was a clear choice because of the company’s strong reputation, explains St. Lucie County Tax Collector, Chris Craft. “I first became aware of Thrive through the company’s involvement with Florida’s Orion state network. I also received a recommendation from a Polk County, Florida official who had first-hand experience with Thrive, which was incredibly valuable. Thrive’s proven track record in dealing with complex security issues made them the obvious choice for us.”

Strategic Deployment of Advanced Security Measures

Thrive was crucial in redesigning the office’s IT domain to bolster security. This involved implementing next generation firewalls and managed detection and response (MDR) solutions for end users, Office 365, network devices and patching services. Additionally, Thrive provided vulnerability scanning services, set up private Cloud infrastructure with secure servers and storage and enhanced data protection measures.

The restoration process involved managing three office locations. The Tradition branch was used as a temporary lifeboat while forensics were completed on the leading network at the main office in Fort Pierce. “The new firewall at our Tradition branch in Port St. Lucie was crucial. It allowed us to isolate the network and gradually restore services while protecting the rest of our operations,” Craft explained. It took about two and a half weeks to reopen the Tradition office, another week to get the Fort Pierce office operational, and another week for TCSLC’s third location, the Walton Road branch, to be back in operation. The phased approach ensured all locations were carefully restored according to the necessary processes and procedures.

“Had we implemented these processes earlier, we might have been able to prevent the entire scenario we just went through. We’re actively spreading this message across Florida, encouraging other tax collectors to examine our new domain and consider partnering with Thrive,” stated Craft.

Thrive’s Impact

The partnership with Thrive significantly enhanced TCLSC’s cybersecurity posture. Thrive’s 24/7 network monitoring added a crucial layer of protection, providing peace of mind by ensuring that any potential threats were promptly detected and addressed. “Since partnering with Thrive, I sleep better at night knowing that their 24/7 monitoring and advanced security measures protect our systems around the clock. Their expertise provides the reassurance we need to manage our operations confidently,” said Craft.

Thrive’s professional guidance and real-life case studies also played a vital role in educating the office about best practices for cybersecurity. Craft noted, “Thrive’s professional guidance and real-life examples have been critical in helping us make informed decisions about our cybersecurity.”

Additionally, the new security measures and redesigned domain improved the office’s ability to withstand and respond to cyber threats, enabling it to navigate future challenges with greater confidence and stability.

“What sets Thrive apart is their expertise — their cybersecurity professionals truly make a difference in protecting our operations.” ~ Chris Craft, St. Lucie County, Florida Tax Collector

About Thrive

Thrive delivers global technology outsourcing for cybersecurity, Cloud, networking, and other complex IT requirements. Thrive’s NextGen platform enables customers to increase business efficiencies through standardization, scalability, and automation, delivering oversized technology returns on investment (ROI). They accomplish this with advisory services, vCISO, vCIO, consulting, project implementation, solution architects, and a best-in-class subscription-based technology platform. Thrive delivers exceptional high-touch service through its POD approach of subject matter experts and global 24x7x365 SOC, NOC, and centralized services teams. Learn more at www.thrivenextgen.com or follow us on LinkedIn.

With all the recent hype, many may not realize artificial intelligence is nothing new. The idea of thinking machines was first introduced by Alan Turing in the 1950s, and the term “artificial intelligence” was coined nearly 80 years ago. However, the technology has gained new notoriety thanks to the introduction of generative AI. Yet, the buzz has come with hesitations around things like implementation, training, and ultimately, security.