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Cybersecurity Threats and Must Have Tools to Secure Your Investment Firm

By Amanda Daly | Tuesday, October 29th, 2019

As we reach the last week of Cybersecurity Awareness Month, it’s important that we stay on our toes against cyber threats that are lurking out there. Firms must invest time and money if they want to keep up with new threats in the landscape and update defense practices accordingly.

Understanding the types of cyber threats facing your organization will allow you to implement the right layers of defense as well as train employees.

Cybersecurity Here are some top threats facing alternative investments firms today:

  • Physical security attacks: These are breaches or incidents compromising a firm’s physical assets. For example, a data center or office breach.  

  • Malware/ransomware: Malware itself is short for malicious software and is intended to damage, disrupt or disable computer operations. Ransomware on the other hand takes things to another level by holding data hostage and requiring users to pay a ransom to get their files back.

  • Social engineering: The idea behind social engineering is essentially trying to trick users into divulging personal or company information. Phishing is probably the most common social engineering tactic we see today.

  • External hacking: This attack occurs when an outside hacker tries to either infiltrate or disrupt a firm’s network or connection either as a means to steal information or to simply prevent the firm from conducting business.

  • Insider Threats: This can either be malicious or unintentional threats caused by a firm’s employees.

Hackers masterminded approximately 1,200 large-scale data breaches and exposed more than 446 million sensitive records throughout 2018 alone. To be one step ahead of cyber criminals, firms are advised to educate employees and implement regular managed phishing and training, a fully-managed cybersecurity training solution.

To further protect you and your firms’ information from hacks and hackers, be sure to:

  • Back up: Backups are the only way to successfully recover your data. Ensure you leverage a secure and reliable backup and recovery tool that will de-duplicate, compress, encrypt and securely transfer your data to an offsite data center.

  • Detect: For security-advanced firms, consider taking a step further and employing continuous security information and event management (SIEM) systems with a 24x7x365 intrustion detection and prevention.

  • Patch: If you rely on a managed service provider (MSP) for cloud services, you may already have this covered. If not: consider leveraging a patch management service to stay ahead of the latest bug and security fixes and reduce the risk of malicious exploits.

  • Phish: leverage phishing simulations to test users’ knowledge and information security awareness on a regular basis

  • Scan: Vulnerability assessments scan for malware, viruses, backdoors, hosts communicating with botnet-infected systems, known/unknown processes and web services linking to malicious content.

Implementing the right layers of security across your organization will help to mitigate risk. In fact, it takes a pretty heavy arsenal of security measures to combat the ever-growing threats targeting your firm from both the inside and the outside. 

You can also take a look at our new guidebook, 20 Steps to Create a Cybersecurity Framework

This guidebook is designed to help you assess some of the cybersecurity protections that should be on your list based on the Center for Internet Security's recommended controls. You can also watch the webinar replay here to listen in on the full discussion.

20 Steps to Create a Cybersecurity Framework

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