The financial sector is certainly no newbie when it comes to cyber risk and the threat of so-called social engineering fraud, but asset managers in particular have been warned that they are potentially easy prey for hackers and criminals.
While technical security is becoming a rising priority for the asset management industry, the sector is not prepared for the changing landscape of risk, says Ben Cubitt, financial institutions underwriter at International General Insurance (IGI).
Until now, asset managers have been relatively shielded from cyber and engineered threats, as they tend to hold less personal information compared to global commercial enterprises. However, they do hold highly confidential and sensitive forms of financial data on behalf of clients, and many will execute hundreds of thousands of trades every day – making them extremely attractive targets, explained Cubitt.
Combine that with today’s laser-focus on the protection of data, and security is becoming ever more crucial for these organisations.
“The General Data Protection Regulation (GDPR) is raising awareness…
