On August 30th, the SEC sanctioned eight firms in three actions for failures in their cybersecurity policies and procedures that resulted in email account takeovers exposing the personal information of thousands of customers and clients at each firm.
Watch the discussion as panelists examined how fund managers can avoid such costly errors and how to fully prepare for future cybersecurity breaches.
- Nearly 65% of large financial services companies were subjected to some form of cyber-attack last year
- A recent survey by KPMG found that only 11% of respondents (including private equity, hedge funds, and asset managers) were properly prepared for a cyber attack
- Despite the various efforts taken to protect these services, security breaches often come down to simple, often overlooked tricks, leaving companies vulnerable
- Cybersecurity needs to be front of mind and firms need to budget accurately in order to address unexpected challenges that may arise in 2022