With the new year now upon us, what better time to create your 2019 resolutions for your firm's IT strategy! As we know, the threat landscape is constantly evolving, cloud computing has gained momentum and is now widely accepted in the investment management industry, and new technologies and trends are emerging to support firms with their IT and operational needs.
Continue reading for Eze Castle Integration's recommendations for IT resolutions for 2019:
1.) Create a Cybersecurity Incident Response Plan
As the experts in the industry say, it's not if, but when, a cybersecurity incident will occur. According to a recent report by TechCrunch, cyber attacks are set to spike again in 2019, meaning firms need to continue to stay on top of cybersecurity best practices, utilizing layers of security to protect sensitive data, of course, have a Cybersecurity Incident Response Plan. This includes creating an Incident Response Team consisting of members throughout different departments in the organization, and mapping out the steps to take before, during and after a security incident.
Building on this, developing a Written Information Security Plan, or a WISP, is critical to securing your information, but also required if your firm is registered with the SEC. Having documentation of your firm's plan and systems in place to protect personal information and sensitive company information can help mitigate threats and risk against and protect the integrity, confidentiality, and availability of your firm's data.
3.) Create a comprehensive employee security training program
If you don't have an employee training program, it is critical that you create one in 2019. If you already have an existing employee training program, you must periodically audit this program, ensuring it is both effective and current. Having a managed phishing and training program is an effective way to train employees on how to spot and report phishing and social engineering attempts. These simulated phishing attacks against your employees provide real-time and interactive training.
We'd like to take this moment to wish all of our clients, partners, friends, and colleagues Happy New Year 2019!
Categorized under: Trends We're Seeing
As we wrap up 2018 and start looking forward to 2019, we thought it would be helpful to share some of our favorite cybersecurity articles from this year!
You may also want to check out the launch of our online Cybersecurity Information Center, three new whitepapers and a series of educational webinars.
Now is the perfect time for firms to reflect on what’s often classed as a key contributing factor to cyber breaches – its employees. We hate to admit it, but human error tends to be the weakest link of any defense practices firms have in place. The IBM X-Force Threat Intelligence Index 2017 advises that simply having the right technology is not enough to ensure protection from threats we’ve seen grow in frequency and sophistication, of late. Reputable airline, British Airways, is one of many businesses to fall victim to a reputation damaging data breach in 2018, compromising the personal and financial details of approximately 380,000 customers.
Read more on how to build a strong human firewall for your firm here.
With the holiday season upon us, we'd like to take this moment to wish all of our clients, partners, friends, and colleagues Happy Holidays and a healthy, successful 2019!
Despite the recent strides by the financial industry towards improving cybersecurity policies and safeguards, studies reveal that a less-heralded group is responsible for the majority of successful cyber-attacks. Flying under the radar and opening the malware floodgates with one click of a spoof email are employees ill-informed of cyber threats and potential risks.
Unbeknownst to the employee, upon release of their mouse they have guided hacktivists into his or her company’s network, exposing business critical information, financial records, and passwords. But that’s just the beginning. The quantity and severity of subsequent damages are limitless, but so are the opportunities for improvement in the firm’s case.
Categorized under: Trends We're Seeing
As many of us are preparing to feast this Thanksgiving and start preparing for the unofficial start to holiday shopping, retail stores are getting ready for their biggest days yet- Black Friday and Cyber Monday. While many are searching the internet high and low for the best deals, cyber criminals and hackers are searching high and low for their next victims. Black Friday and Cyber Monday are the perfect time for these cyber criminals to take advantage of those who aren't aware of the risks.
Here are some additional quick tips for cyber safety during the holiday shopping season:
Do not click on a link unless it is from a trusted source
Make sure the destination URL is where you were intending to go
Make sure your phone and other devices are password protected
Use unique passwords for every online account
Do not enter personal information over public Wi-Fi networks
Use a credit card instead of a debit card when making purchases
Check the 'To', 'From' and 'CC' fields of an email
When it comes to investment management firms, collaboration, efficiency, and cutting edge technology are all critical factors when it comes to growth. At Eze Castle Integration, we partner with Microsoft to offer our clients the option to utilize OneDrive and SharePoint, two tools that can dramatically improve collaboration and streamline processes for businesses, increasing efficiency for everyone. With more people working remotely and traveling for business than ever before, mobility, security and ease of use for applications is more relevant than ever.
Before we outline the five ways SharePoint and OneDrive can transform your business operations and enhance collaboration for investment firms, let's outline the functionality of these applications. It is also key to note that in this blog, we're referring to OneDrive for Business and SharePoint Online, which are business tools and products of Office365 for Business. There are similar tools you can utilize on your personal accounts, however today we're talking about how they can specifically impact your investment firm and day-to-day business.
OneDrive: Our partners at Microsoft simply define OneDrive as "the Microsoft cloud service that connects you to all your files". Simply put, OneDrive for Business is a storage location or repository for files and documents. You are able to access this tool through Office365, anywhere at anytime, regardless of whether you're connected to your firm's VPN.
SharePoint: Like OneDrive, you're also able to access SharePoint through Office365 anywhere and anytime. It's a tool that helps firms share and collaborate on documents and files from anywhere in a secure manner.
Now, let's dive into the 5 ways OneDrive and SharePoint Improve Collaboration for Investment Firms:
As previously mentioned, one of the best features of these tools is the ability to access your files anywhere. Today more than ever, due to technological advances like these, employees are are able to work remotely with little to no change in the processes. These tools allow you to securely store your files no matter where you are and whether you’re connected to your business’s VPN, share them with your team members or partners, and access them from any of your devices. If you aren’t connected to your firm’s network, you can access and work on documents in OneDrive, and when you return to the network, the files will automatically sync with your network, ensuring a seamless transition from working at home or from a plane to being back in the office.
For alternative investment firms, there a number of business and operational challenges to navigate on a daily basis. With the evolving IT landscape and new technologies and best practices emerging, it can be difficult to stay up to speed. Here, we’ll outline four common IT challenges for alternative investment firms.
With the security landscape becoming more complicated, it can be a challenge for alternative investment firms to stay up to date with the latest and greatest trends and technologies in security. Hackers are becoming more sophisticated, and social engineering attacks are on the rise, so it is crucial to ensure that your firm has the right protections and level of security to keep your confidential information safe.
To decipher which means of security are right for your firm, you need to look at your company size and risk profile. Suffering a breach or acybersecurity incident can be harmful to your organization’s reputation, which in turn is harmful to your bottom line. You can use our Cybersecurity Checklist to see the technologies and safeguards Eze Castle offers based on which tier you choose, Standard or Advanced.
2.) Adopting New Technology
Technology adoption is a common challenge for firms of all sizes. Smaller firms may not have the budget or resources to dedicate to the adoption of new technology, while larger firms face their own set of challenges, with more end-users, and potentially bandwidth restrictions of their own.
Whether adopting new applications or migrating to the cloud, having a trusted third-party vendor to guide you through the selection and implementation process can be invaluable. Using these vendors as consultants can help your firm navigate IT and technology decisions and choosing the best fit for your firm. When choosing a vendor for your technology needs, be sure to choose a firm with industry leading, best-of-breed solutions and 24x7x365 support.
In any relationship, when things are good, they’re usually pretty good. And when things are bad, sometimes they are really bad. There may come a point when you need to evaluate whether you’re still a good fit together.
Just like with a romantic relationship, your firm’s connection to a service provider (especially an infrastructure/cloud provider you rely on daily) should be strong enough to withstand a few hiccups and healthy enough to warrant open communication at all times. In some cases, it might be clear that you’re in a good place and moving forward together, but sometimes there are sure signs it’s time to call it quits.
Here are a few of those signs:
1. Your provider’s service levels are not up to snuff.
Maybe you recently experienced a major service outage or find that you not-so-conveniently have to work around confusing and interrupting maintenance schedules during work hours. You’re constantly frustrated and don’t feel like you are receiving the level of support that was agreed to – both verbally and as part of your Service Level Agreement (SLA).
Your SLA should clearly indicate the uptime standard (e.g. 99.995% availability) as well as repercussions to any breaches in the contract (for example, service credits) and associated RPOs if disaster recovery is involved