Nine recommendations for alternative funds battling cyber crime
Cyber criminals steal user names and passwords and use it to conduct financial trading activity illicitly.
Hackers seek ransom payments for private information of a prominent investor.
Your fund headlines the paper when an attack crashes your trading network and disrupts the financial markets.
A recent New York Times article says cyber criminals are zeroing in on alternative investment (AI) funds, many of which oversee massive pools of assets but haven’t invested sufficiently in security. Furthermore, a report on the Operation Cleaver campaign indicates that financial services, alternative investment and private equity firms are targets for nation state actors. It’s no wonder many fund managers feel as if they are in a losing battle against cyber crime.
KPMG explored cyber security in the AI industry during a January 2015 webcast featuring our own cyber security specialists. During the event, we polled approximately 2,000 AI managers about their experiences with cyber crime. This article shares the findings and provides AI managers tips for minimizing cyber risk.