The Financial Times reported in its article “Cyber Criminals Steal Via Wealth Managers” that at least six wealth managers have been the victims of cyber attacks in the past few months. “Cyber criminals are increasingly hacking into the systems of wealth managers in order to steal money from better-protected clearing banks,” the article stated.
It’s an unfortunate reality that asset managers and investment firms will continue to be targeted by cyber criminals, as reported by Kroll in its 2014 Cyber Threat forecast, along with accounting firms, law firms or consulting practices because they are “attractive target as they typically hold volumes of valuable data which are often stored in an organized manner with little protection.”
What can your firm do when it comes to preventing a cyber attack? It does come from developing a culture or preparedness. Preventing cyber attacks has to be at the top of the corporate agenda for risk mitigation, along with having a trained and tested business continuity and disaster recovery plan.
Your information security team has to prepare an incident management plan on what they would do in the event of a cyber attack, and then work with your firm’s core business continuity team, or crisis management team, to practice how your firm as a whole would respond to a cyber attack.
Preparis is here to help. In our recent webinar “Information Security & Business Continuity”, Kevin Beaver – an IT expert and author of “Hacking for Dummies” – discussed the steps businesses should take to prevent cyber attacks. Click here to replay this webinar now.