Agio 2023 Hedge Fund Cybersecurity Trends Report.
A significant spike in cyberattacks in the last 12 months has hedge funds rethinking their approach to cybersecurity.
Most respondents reported spike in cyberattacks, firms that insource cyber programs got hit hardest.
Respondents who outsource their cyber governance and operations programs said they’ve felt the impact of heightened attack complexity and intensity, but those who insource were even more overwhelmed.
These firms thought they could manage cybersecurity in-house, but attacks hit them harder and more often: 77% reported an increase in attack frequency and 87% said attacks were more severe.
As they struggle to protect themselves, all firms that insource cybersecurity reported they will outsource in the next 24 months. Protecting a hybrid workforce and bundling cyber ops and managed IT with one provider were just two of the motivators.
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Agio worked with Market Measurement, an independent survey administrator, to conduct the 2023 Hedge Fund Managed IT Trends Survey Report. The survey was fielded in Q1 of 2023. A total of 121 online interviews were conducted with technology, cybersecurity, operations, and compliance professionals in the hedge fund industry to assess attitudes, behaviors, and perceptions among hedge fund executives about sourcing and managing their cybersecurity solutions and programs.