Private markets: Cybersecurity risk in fund administration
Last year’s Sunburst cyber-attack against public and private organisations worldwide acted as a reminder of the growing sophistication of cybercrime and the need for solid cybersecurity.
In our recent specialist fund administration roundtable, panellists discussed cybersecurity and where vulnerabilities lie in the privates sector.
“The Sunburst attack was very interesting,” Noel Fessey, CEO of European Fund Administration, said. “I don’t think state resources were directly employed, but it was probably state-funded and state-backed through a sophisticated cyber-attack ‘house’.”
According to Fessey, who 20 years ago was the global head of IT security for Schroders, apart from intelligence-gathering, you have to get back to the basics of understanding “what your layered defensive arrangements should be”.