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Prepare for the Unexpected: Business Continuity (Webinar Recap)

By Katelyn Orrok,
Thursday, July 20th, 2017

Recently, Eze Castle Integration moved office locations in London. In fact, we had just finished moving into our office, and minutes later the London Bridge attack occured. Fortunately, all of our employees were safe, but the next day our office was closed due to the ongoing investigation. WIth an updated business continuity plan in place, Eze Castle employees were still able to run business operations as usual.

Take our real-life scenario as a lesson that even if you have security in place, disaster scenarios can still happen either directly or indirectly, so it is best to be prepared.

What does developing a business continuity plan entail?

Step 1: Identify by utilizing risk assessments
Step 2: Analyse the effects on your business (Business Impact Analysis)
Step 3: Design, execute and implement a strategy
Step 4: Measure- Plan testing, training and maintenance

Categorized under: Business Continuity Planning  Disaster Recovery  Videos And Infographics 



For Financial Firms, 'Set IT and Forget IT" Is Not an Effective Technology Strategy

By Kaleigh Alessandro,
Tuesday, July 18th, 2017

We spend a lot of time making suggestions and recommendations about what financial and investment firms should do when it comes to their technology. And while it might sometimes seem obvious, we also think it wise to remind firms what not to do from time to time. In fact, the following technology pitfalls are prime examples of what not to do with respect to your firm’s IT. 

Set IT and forget IT.

Technology isn’t evergreen, and it certainly isn’t infallible. With so many investment firms today reliant on managed service providers to support their IT operations, vendor management has become a critical area of importance.  IT outsourcing provides great opportunity for firms to rely on experts to manage infrastructure updates, maintenance windows and network upgrades, but the onus remains on your firm to ensure your technology is up-to-snuff and meets not only your demands but those of investors and regulators as well. A “set IT and forget IT” strategy won’t work here; even via outsourcing, your IT management responsibilities fall on you. 

Plan your infrastructure only for the short-term.

A crucial mistake often made by funds is not planning for the future. From the earliest pre-launch meeting, you should be thinking about what your firm will look like and what technology you will require down the road. Planning out two to three years in advance is recommended in order to reap the most benefits with regard to your infrastructure. Plus, if you don’t plan ahead, you may wind up incurring more costs and dealing with a much bigger headache if technology decisions need to be made unexpectedly (e.g. cloud and data migration). 

Categorized under: Hedge Fund Operations  Cloud Computing  Security  Operational Due Diligence  Outsourcing  Disaster Recovery  Hedge Fund Regulation  Infrastructure  Business Continuity Planning  Trends We're Seeing 



An Achievable Calendar for Cyber Security Plan Implementation

By Kaleigh Alessandro,
Thursday, June 15th, 2017

Keeping up with the myriad of cyber security requirements expected of today’s financial firms is a daunting – and sometimes unachievable – task. This list continues to grow in size and scope, and remembering how often to perform tests or when to change passwords is a growing challenge for CTOs and business execs responsible for technology.

To assist in guiding your firm with its cyber plan implementation, we’ve outlined a basic calendar of security reminders to help you stay on track. Listed in order of frequency, here’s how often you should plan to take these security steps:

3 months: Change your passwords.

At least every 90 days, we recommend changing your network, system and application passwords to prevent intruders from gaining unauthorized access. Remember: password creativity is critical, and password re-use is a big no-no.

3-6 months: Conduct a simulated phishing exercise.

Phishing is one of the most effective, and thus dangerous, social engineering scams in use today and threatens to deceive and manipulate users into opening gateways, sharing confidential information or, in many cases, making financial transactions. Simulated phishing exercises (whether conducted by your firm itself or via a managed service provider) are the most effective way to test users’ knowledge of email threats and train them to be cyber aware. Most firms opt to perform quarterly phishing tests, but semi-annual exercises are commonplace also.

Categorized under: Security  Cloud Computing  Operational Due Diligence  Outsourcing  Private Equity  Disaster Recovery  Infrastructure  Business Continuity Planning  Trends We're Seeing 



Exploring Cybersecurity at Family Offices: Taking a Proactive vs. Reactive Approach

By Lauren Zdanis,
Tuesday, June 13th, 2017

We recently sat down with Matt Donahue, Security/Data Privacy Consultant and Steve Banda, Senior Product Manager, to discuss cyber security trends in the family office space, as well as what steps these and other wealth management firms can take to prevent cyber-attacks. NOTE: This article originally appeared in MarketCurrents' Technology Trends - Family Office Series 2017.

What are the biggest cybersecurity threats investment management firms face?

There are constant threats facing organizations internally and externally, especially within the financial industry. One of the biggest issues is that the cyber threat landscape is continuously evolving. Hackers are trying to compromise firms in a number of ways – from phishing and social engineering to ransomware. It’s becoming much like an arms race, where both sides (hackers and criminals vs. security firms and CISOs) are diligent, organized, and well-funded, each gaining and losing the upper hand on a daily basis.

From an internal perspective, threats emerge as a result of employees being inadequately trained, falling prey to social engineering scams or not following corporate policies. They also come from technology gaps including outdated IT systems, lack of patch management and other shortcomings that could have been addressed by vulnerability assessments.

Building on the importance of vulnerability assessments, firms should recognize that hackers are always scanning to identify holes and gaps that may provide an opportunity to breach an environment. This risk reinforces the importance of technology security defenses including next-generation firewalls, intrusion detection and prevention systems (IDS/IPS) and penetration testing. Ultimately firms want to close gaps and make IT environments unappealing to hackers.

Categorized under: Security  Disaster Recovery  Business Continuity Planning 



Business Continuity Reminders in the Face of Terror

By Matt Donahue,
Tuesday, June 6th, 2017

The recent tragic attacks that occurred in London remind us all that we can never be too prepared for an emergency situation. Therefore we are republishing this article that provides some key reminders to help ensure the safety of your employees and the business continuity of your firm during these types of disaster scenarios.
 
Assessing the Scenario
Every scenario is different and lends itself to a certain degree of impact, whether it’s confined to an office building or a broader regional impact. Start with ensuring that your employees are accounted for and in a safe location. Then consider: will the events at hand impact their ability to continue with their jobs? Obviously, if the office space is affected, a secondary location may come into play, or firms may opt to allow employees to work remotely. Next, review critical business systems, data and resources. Are your data and assets up and running so employees can continue business functions? Are phone systems or email functioning properly?
 
Internal and External Communication
Depending on the severity of the situation, you’ll need to determine the level of communication to both internal and external parties. If the event or disruption will impact employees getting to or from the office or if the building is inaccessible, obviously you’ll need to notify personnel. If there may be an impact to the business itself (trading, for instance), you may want to communicate with external parties such as investors, business partners, and/or regulators. It’s helpful to have a communication plan in place to guide this process. And remember: all communications should be reviewed and approved by the individual(s) overseeing the business continuity program and the plans associated with it.

Categorized under: Business Continuity Planning 



Top 10 IT Security Audit Gaps and How to Avoid Them

By Katelyn Orrok,
Tuesday, April 11th, 2017

When it comes to cybersecurity there are many factors that you need to be conscious of. During a recent webinar, speakers from Eze Castle Integration and Wolf & Company shared 10 of the most common cybersecurity gaps identified during an IT audit/risk assessment. We’ve listed the top 10 below and shared some particulars on a few of the most critical (in our opinion). For more detail on how these gaps are presenting themselves – and also best practices for avoiding them – click here to listen to the full webinar replay

Top 10 IT Security Gaps  

  1. Risk Management and Governance

  2. IT Asset Management

  3. Vulnerability Assessments

  4. Patch Management 

  5. Social Engineering & User Training 

  6. Business Continuity Planning

  7. Multi-Factor Authentication

  8. Third Party Vendor Management 

  9. User Provisioning and Management 

  10. Incident Response Planning/Procedures 

Risk Management and Governance

Responsibility and accountability for risk management starts in-house – and at the top. Even for firms that rely on third party outsourced providers, it’s imperative (and often overlooked) to establish governance controls and outline who internally maintains ownership of the firm’s security posture – and more broadly, who owns the firm’s risks. 

Categorized under: Security  Operational Due Diligence  Outsourcing  Private Equity  Hedge Fund Operations  Infrastructure  Business Continuity Planning  Trends We're Seeing  Videos And Infographics 



ODD & Technology Advice for Achieving Institutional Operations (Video)

By Lauren Zdanis,
Thursday, March 16th, 2017

Post-launch, many hedge funds and investment firms struggle to gain ground and attract the institutional capital needed to succeed in today’s competitive market. As firms grow – and bandwidth and budget are less likely to be roadblocks – it can be a challenge to reinvent the wheel and position your firm to capture institutional dollars.

During a recent webinar, speakers from EisnerAmper and Eze Castle Integration explored trends in hedge fund operational due diligence and technology operations and offered advice for asset managers looking to grow out of their startup boots and achieve an institutional grade operation. Some areas they explored during the 40-minute webinar include:

  • How institutional investor expectations have changed for firms at the pre-launch and post-launch phases;

  • The importance of (and detriment to not) passing an operational due diligence examination;

  • How cyber security expectations are evolving to increase standards across both technology infrastructure and policy planning; 

  • If the public cloud is suitable for investment management firms looking to solidify institutional investments; and

  • Top mistakes emerging managers make that prevent successful ODD exams and institutional evolution.

Scroll down or click here to watch the replay

Categorized under: Operational Due Diligence  Security  Outsourcing  Hedge Fund Operations  Business Continuity Planning  Project Management  Videos And Infographics 



More RFP Questions: Data Protection, Business Continuity & Incident Response

By Eze Castle Integration,
Tuesday, March 7th, 2017

Hedge Fund Technology RFP QuestionsLast week, we shared some important questions to include in hedge fund technology RFPs, focusing on Staffing, Client Service Model and User Support. In today’s article, let’s dive back into the RFP process, and look at some questions on Business Continuity & Disaster Recovery Plans, Backup & Retention of Information, Data Security and Intrusion Detection & Incident Response.

Business Continuity & Disaster Recovery Plans

  • Does your company have a written policy and program in place for business continuity and disaster recovery?

  • Have your company’s policies and programs for business continuity and disaster recovery been fully implemented? If not fully implemented, please discuss those areas in detail and explain any plans to address them.

Categorized under: Hedge Fund Operations  Operational Due Diligence  Disaster Recovery  Business Continuity Planning 



Then and Now: State of the Hedge Fund Industry

By Kaleigh Alessandro,
Thursday, February 16th, 2017

They say the more things change, the more they stay the same. Turns out it’s a pretty accurate assessment of the hedge fund industry then and now.

You see, back in 2011 we hosted a “State of the Hedge Fund Industry” event that yielded some interesting trends and perspectives, and we thought it might be fun to not only look back at those trends, but compare them to what we’re seeing in today’s industry – more than five years later.

Like I said: the more things change, the more they stay the same.

Hedge Fund Market Trends & Challenges

THEN (2011): It’s been an interesting year thus far for hedge funds and other alternative investment firms, as inflows have been high but performance low. In addition to performance challenges, hedge funds continue to deal with increased competition for investments, and thus asset-raising remains a hurdle for many funds – regardless of their size or strategy.

Categorized under: Trends We're Seeing  Launching A Hedge Fund  Cloud Computing  Security  Disaster Recovery  Hedge Fund Regulation  Business Continuity Planning 



8 Tips for Weathering the Next Winter Storm

By Kaleigh Alessandro,
Tuesday, January 3rd, 2017

Happy New Year! Seeing how the calendar now reads January (we're still in denial, too) and there are a number of weather systems being monitored across the US, we thought it might be best to kick off the year here on Hedge IT with some helpful weather-related business continuity tips. Winter Weather BCP Guide

Here are eight to keep in mind as the next winter storm approaches. 

1. Determine how/where your employees will work in the event of a winter weather scenario.

Some firms opt to identify a secondary work site, but in the event of a widespread or regional event, you may find that location is inaccessible also. You should also consider if transportation is/will be impacted by the weather. If road conditions are bad or public transportation is shut down, employees will have to remain home.
 
If your firm supports remote access capabilities, ensure employees are prepared with the necessary infrastructure, workload expectations and communication tools.

Categorized under: Business Continuity Planning  Disaster Recovery  Trends We're Seeing 



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