5 Growing Cyber Risks Facing the Financial Sector This Year
With the rapid pace of technological change, cybercriminals are constantly finding new ways to attack hedge funds, private equity firms, and financial advisors. As we head into 2023, staying vigilant against cyber threats is more important than ever. To help you stay ahead of the curve, we’ve compiled a cyber checklist of the five most dangerous cyber threats facing the investment management industry this year, based on a recent report by Malwarebytes.
1. Ransomware is still a significant threat
Despite the increased awareness of ransomware attacks, ransomware remains a top threat to organizations. The report found that ransomware attacks increased by 7% in 2022 and focused on high-value targets, such as private equity and hedge fund firms. The right SOC solution can help you mitigate risks.
2. Supply chain attacks are on the rise
Supply chain attacks have been in the news recently, and they are not going away anytime soon. In 2022, the report found a 15% increase in supply chain attacks compared to the previous year. These attacks are especially dangerous because they can be difficult to detect and can affect multiple companies within a single supply chain.
3. Malware attacks on mobile devices are increasing
With the increasing use of mobile devices in the workplace, it’s not surprising that mobile malware attacks are on the rise. The State of Malware Report found a 28% increase in mobile malware attacks in 2022, with Android devices being the most targeted. A robust endpoint detection service will help keep this risk in check.
4. Credential theft remains a top concern
Cybercriminals are always looking for ways to steal login credentials, which allows them unauthorized access to private files and data. The report found that credential theft attacks increased by 13% in 2022, with phishing emails being the most common type of attack.
5. Zero-day vulnerabilities are becoming more common
Zero-day vulnerabilities are vulnerabilities in software that are unknown to the software vendor and, therefore, do not have a patch available. The State of Malware Report found a 12% increase in zero-day vulnerabilities in 2022, with cybercriminals mostly targeting popular software applications.
Given the growing threat landscape, private equity and hedge fund firms must consistently take proactive cybersecurity measures. We recommend you take the following best practices to keep your firm secure:
- Keep your software up-to-date and patched regularly
- Implement a multi-layered security approach, including endpoint security, email security, and network security
- Educate employees on how to recognize and report suspicious activity
- Backup critical data regularly and test your organization’s backup and recovery process
- Develop and routinely test your incident response plan
As a Managed Service Provider (MSP) focused on serving private equity and hedge fund clients, Agio understands the critical importance of cybersecurity. We’re committed to helping the investment management industry protect their businesses against cybersecurity threats and offer a range of cybersecurity services, including extended detection and response (XDR), network security, phishing protection, and much more.
If you’re interested in learning more about how we can help protect your business, reach out to us. We’re here to help.
Connect with us.
Need a solution? Want to partner with us? Please complete the fields below to connect with a member of our team.