In 2018, there were over 1200 publicly disclosed security breaches globally with the number of exposed records more than doubling from 197.6 million in 2017 to 446.5 million last year* as reported by Fortune. The number and scale of attacks has been rising year on year for the past decade and with general data protection regulation (GDPR) now in force in Europe, the number of reported breaches is likely to continue rising.
With the cloud environment becoming a ubiquitous feature of the fund management industry, as managers seek to benefit from scale and efficiency gains, the migration into cyberspace has increased the threats of data breaches. Over 1.4 billion records were lost to data breaches in March 2017 alone, many of which involved cloud servers according to Tripwire.
“There is a lack of understanding of how to properly secure a cloud-based environment, which is providing a driving force for a lot of the larger breaches we’ve seen over the last 12 months,” comments Jed Gardner, Vice President, IT at Linedata.
The problem is not that companies don’t know what they are doing. They either leave a lot of the cloud security to development operations teams, or…