It is no surprise that hackers are zeroing in on Hedge funds – it’s where the $ is.
Often asset managers – including hedge funds – do not have the infrastructure to proactively protect themselves from all of the attacks that can be brought on by a hacker. Hacker attacks can be Denial of Service (DOS) attacks, or merely malware to find sensitive personally identifiable information to then steal identities and money. Many firms do not invest much into their Cyber Risk Management as they feel that they are protected by the large 3rd parties hired for their IT infrastructure and amenities. This is not always the case.
The NY times article highlights the larger issues HERE.
To properly protect themselves, firms must do more. From company policies, contract reviews and network audits to constant monitoring IP traffic and education, it is imperative for companies to properly identify, organize and address areas of cyber risk. Insurance policies such as crime, directors and officers and cyber liability are ways to help transfer or finance this type of risk – but are only a reactive method to protect the firm.
Are you protecting yourself from hackers? Connect with your DG rep or Chip Gibson. DG helps firms lower the total cost of risk which results in becoming more attractive to the insurance marketplace with fewer losses and lower premiums.