The Hedge Fund Standards Board (HFSB) is a standard setting body for the hedge fund industry. Recently, it held its first table top cyber attack simulation for hedge fund managers in London.
Insights into cyber security arising from the simulation were:
- confusion over responsibilities can prevent an effective response. Cyber security should not be considered as only an IT issue given the legal, compliance, investor relations and reputational issues involved;
- some cyber attacks may exceed internal response capabilities and managers need to be prepared to quickly access external legal and IT expertise; and
- the preparation of a cyber security incident response plan is important as it identifies responsibilities, external resources and speeds decisions in the event of an actual incident.
The cyber attack simulation roundtable follows the HFSB’s publication of a memo on cyber security that can be found in the HFSB toolbox published in September 2015.
View HFSB releases the results of its first cyber attack simulation roundtable in London, 21 January 2016