With the threat of cyber attacks continually rising for all businesses, what are the implications for asset managers and how can they increase their cyber resilience?
Cyber crime is a growing global industry now estimated to make criminals over $400 billion a year. Cyber attackers are becoming more determined and more skilled than ever. Highly professional and highly motivated, they are continually developing new techniques and seeking new targets to attack.
With just 39% of asset management CEOs consulted in KPMG’s 2017 CEO survey saying they are fully prepared for a cyber event, now is the time for the industry to act decisively to protect their clients’ data and their own reputations.
Technology is transforming the asset management industry at a speed and scale never seen before. The global regulatory environment for cyber security and privacy is becoming more complex and fragmented. This combined with the regular cases of high profile breaches being reported in the media, creates an issue that requires attention in the Board room.
The Investment Association and KPMG have jointly written this paper to provide an overview of the key cyber security risks facing the industry, offer guidance on the steps organisations can take to protect their business from cyber-attack, share thoughts on the power of an industry wide response and present cyber security risks around future disruptive technologies.