The funds industry is ramping up cyber security defences. Nicholas Pratt looks at what to do in the event of an attack.
In March, the Investment Association (IA), the trade body for the UK’s fund managers, announced the launch of IA Training, an online portal designed to give fund managers lessons in cyber security awareness.
Ten courses certified by GCHQ, a UK government intelligence agency, will cover a series of key topics including social engineering, removable media, remote and mobile working, personal devices and phishing – in other words, the technological advances that have made for a more accessible workplace but which have opened up a Pandora’s box for cyber security.
According to the IA, the new courses will help asset management staff to identify and minimise the risk from cyber threats. “Training employees to recognise and respond to risks is a key part of an asset management firm’s defence against cyber threats,” said IA chief executive Chris Cummings. “These threats are constantly evolving and it is vital that as an industry, we continually invest to protect our businesses and our customers from potential cyber-security breaches.”
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