Managers Raise Cyber Defense with Strategic Hires
The Fundfire article, "Managers Raise Cyber Defense with Strategic Hires," quotes Russell Reynolds Associates' Matt Comyns about the urgency for companies to bring their cybersecurity programs up to speed and protect their data. The following is an excerpt of the article.
A string of highprofile breaches, including the J.P. Morgan Chase data breach last year when 83 million customer accounts were compromised, and the charging of nine people last month for hacking into three newswire firms to trade on newsworthy information, has intensified the interest in cybersecurity. Earlier this year, PwC issued a report stating asset managers face more cyber threats than ever before, while the Securities and Exchange Commission last year made clear that cybersecurity will be a major focus for the regulator, launching a review of 50 firms and offering guidance for managers to increase safeguards.
Managers can use these facts – along with greater institutional investor interest – as a driver to bulk up cybersecurity efforts, says Matt Comyns, the global cybersecurity practice leader at Russell Reynolds Associates.
“My best advice to those who are not currently investing in this [cybersecurity] area, or have a relatively immature program… is to leap frog,” Comyns says. “You can be at a relatively immature point in your information security program, but there’s no reason you can’t get to best practices speed with good leadership. The sooner you get up to speed, the sooner you leap frog your program into the current state of affairs. There’s a great degree of urgency here.”
The issue is particularly sensitive for hedge funds, he adds, that fear losing proprietary information behind key strategies.
To read the full article, click here.