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Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.
Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.
Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.
Richey May Advisory provides the full spectrum of transformative solutions for your business. From Technology and Risk Management to Specialty Audit Services and more, Richey May Advisory has the solutions you need to find and focus on your competitive advantage.
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Testing4321
The evolving landscape of cybersecurity threats poses significant risks to your operations, your team, and, most importantly, your investors. As regulations adapt to address these emerging challenges, ensuring compliance with these changing requirements is crucial for safeguarding your organization’s future; are you ready?
This page has resources for fund managers to explain how these threats can impact your business and what you can do to mitigate them.
With many fund managers adopting flexible work arrangements, the risk of cyberattacks has increased. Home networks and personal devices may have a different level of security than office systems, creating potential entry points for cybercriminals.
Your operations can be compromised through vulnerabilities in third-party services or software you rely on, such as fund administrators or IT providers. Many of these solutions use SaaS (Software as a Service) platforms and other cloud-based solutions.
The growth rate of ransomware attacks in financial services from 2020 to 2024 is approximately 35%, with high-value targets like private equity and hedge funds being prime targets. The trend underscores financial institutions’ growing cybersecurity challenges and the need for robust defense measures. The average ransomware attack cost in 2024 is $5.13 million; a successful attack could encrypt your systems, potentially blocking access to critical trading algorithms or investment strategies.
The combination of Web3 and Artificial Intelligence creates new possibilities in smart contracts. While there are many benefits, this emerging intersection poses new cybersecurity considerations. Artificial Intelligence (AI) systems can have specific vulnerabilities needing robust defenses.
Investor data is a prime target for cybercriminals. A breach could expose personal and financial information, leading to identity theft or fraud. Even if a breach occurs through a service provider, as a fund manager, you could be held responsible by cyber security regulations for notifying investors of such breaches as a fund manager.
To safeguard your people, funds, and investors, consider implementing these measures: