Feeling lucky that your business has never been impacted by a disaster? If so, now is the time to evaluate everything from your call tree to your disaster recovery solutions. Most studies show that up to 40 percent of businesses fail after a disaster. That means that almost half of firms reading this article will not recover if not fully prepared.
So what do you do to ensure that you will be more than just lucky to successfully recover from a disaster?
Start with your documentation. What do you have? You should have a current Business Continuity Plan (BCP) and Employee Quick Reference Cards (QRCs). If you have those two items, be sure to review them and make sure any recent changes to your business have been captured. Once you’ve validated the information is current, it’s time to test the documentation.
In honor of our 400th post on here on Hedge IT (400 - wow!), we are celebrating with our annual blog awards. We've gathered the most popular articles according to our readers and included a few of our personal favorites, too.We hope you enjoy!
Managing technology at a hedge fund can be complex and time consuming, but not when you’re on the Eze Private Cloud. Adding new investment applications is a cinch, IT costs are predictable and security is robust.
Watch our new video to see what it feels like to be on the Eze Private Cloud:
Investment risk plays an important role in the life of a hedge fund manager, but technology risk should not. When it comes to your firm’s technology systems and operations, you want things to run efficiently, not add more stress to your already crowded plate.
Mitigating technology risk is a critical step to ensuring your hedge fund operates smoothly and successfully. Following are a few areas to keep in mind as you evaluate your firm’s technology risk:
Layers of Redundancy
One way to reduce your firm’s technology risk is to add layers of redundancy throughout your infrastructure. Whether you’re utilizing a cloud infrastructure or an on-premise environment, your servers, networking and telecomm lines should feature N+1 availability, a configuration in which multiple components have at least one independent backup component to ensure system functionality continues in the event of a failure.
Planning is valuable in preparation for any form of event, but is essential in more common situations such as severe winter weather. Depending on where you are located, frequent weather events may not appear dangerous since you have been through them before; but what if this next storm shuts down your power for a week?
Do you know what to do or where to go? Do you have the proper supplies on hand? Weather can be a common disruption that arises quickly and without warning and affects many.
First and foremost, Happy New Year everyone!
2014 has officially begun, and as with every New Year, it is important to reflect on the previous year and set goals for the future. Many of the resolutions that we made last year are still prevalent this year because they are foundational for a hedge fund’s success. This year we are offering a few more critical recommendations to ensure that your company and IT operations run efficiently and effectively.
I know, I know, we say it every year. But can you believe another year has come to an end? Even more amazing? We’ve now been bringing you fresh content on Hedge IT for nearly four years – including close to 400 articles! As we look ahead to 2014, we want to extend a huge THANK YOU to our loyal Hedge IT readers and hope you’ll stick around to see what we have up our sleeves in the New Year. Here’s a hint: it may even include a fresh new look...
With that said, as we do every year, let’s take a look back at some of our most popular Hedge IT articles from 2013. Here are some of your favorites (and ours, too).
Back in September, we revealed the results of our 2013 Survey: Examining Cloud Usage within the Investment Management Industry. In conjunction with IDG Research, we surveyed more than 100 financial services firms and found that nearly all of them (87%) are using the cloud in some way. Other key findings included the dominance of the private cloud (74%) and the growing belief that the private cloud is just as secure as an on-premise infrastructure. Read the complete survey report here.
Categorized under: Trends We're Seeing Business Continuity Planning Cloud Computing Disaster Recovery Hedge Fund Operations Hedge Fund Regulation Infrastructure Launching A Hedge Fund Outsourcing Security Software
At last week’s Hedge Fund Launch 2.0 seminar, the topic of the malicious Cryptolocker malware that is circulating was highlighted as a wakeup call for why backup and security are nonnegotiable IT components. Questions abounded about this new evolution in malware so today’s post aims to address the who, what, when and where of Cryptolocker as well as a few other common Qs.
What is Cryptolocker?
Cryptolocker is a new variant of ransomware that restricts access to infected computers by encrypting them and demanding that the victim pay the attackers a ransom in order to decrypt and recover their files. Some versions of Cryptolocker can encrypt local files as well as external hard drives, network file shares and even cloud storage services that allow local folders to sync with online storage. The malware is severe and a real threat. If a company becomes infected and does not have their files backed up the files may be lost.
At Eze Castle Integation we have had clients become infected. Thankfully in these cases the clients had the appropriate backup systems in place and were able to restore the files to the pre-infection state. As of this time, the US-CERT says the primary means of infection appears to be phishing emails containing malicious attachments. The attachments may look like legitimate emails, so it is important to remind users not to click on any email links if they do not know the sender.
Last week, the Eze Castle Integration London team along with industry experts from the Financial Conduct Authority (FCA), Investment Management Association (IMA), HSBC, and Simmons & Simmons got together to address the FCA’s “Dear CEO” letter on outsourcing, which was issued to CEO’s of asset management firms back in December 2012.
In the “Dear CEO” letter, the FCA identified that the asset management industry outsources a number of activities to service providers and the FCA’s major concern was if a service provider was to face financial distress or serve operational disruption, the UK asset managers would not be able to perform regulated activities.
Our panel of experts gathered together to discuss the letter in more detail and what practical steps asset managers should adopt, including reviewing contingency plans to ensure managers are minimising risk and have a continuity strategy in place. Let’s take a closer look at what was discussed.
This week Opalesque Radio featured an interview with Bob Guilbert, managing director here at Eze Castle Integration, on addressing operational challenges facing hedge funds with cloud solutions.
The 9:30-minute podcast covers a range of topics. You can listen to the full podcast HERE, just jump to the sub-features that interest you most below.