Cybersecurity Checklist for Hedge Funds
Hedge fund managers should work with their technology leaders and other professional cybersecurity specialists to create strong security policies and procedures. However, there are specific steps everyone on your team can take to ensure your firm is safe from cyberattacks. We’ve put together this hedge fund checklist to advise you on the best practices for effective cybersecurity.
Problem Areas for Hedge Funds
Inadequate hedge fund cybersecurity regulations can cost your firm both its clients and its reputation. Cyberattacks are constantly evolving, and your firm may have vulnerabilities that are easy to overlook. These unguarded areas can include:
- Unlocked workstations: An unlocked and unattended workstation is susceptible to cyberattacks. Anyone can use a USB stick to install malware and spyware in a matter of seconds.
- Mobile phones: Your firm is only as strong as its weakest link. While your internal systems might be secure, an employee’s phone can be an easy target for cybercriminals.
- Emails: Phishing involves extracting personal data from clients and employees. A cybercriminal will send emails from a seemingly trusted source and prompt individuals to enter passwords or confidential account information. (Learn more about the #1 phishing tactic.)
- Email attachments: Cybercriminals can easily connect malware to email attachments. These malicious codes can go on to infect other computers and servers within your firm.
Four Essential Steps for Better Cybersecurity
There are four main steps your firm can take to protect your clients’ private and financial information. These measures include:
- Access: Set strict controls on who can access which systems. Review access privileges and make adjustments as needed.
- Security: Lock all unattended workstations to keep out unauthorized users. Ensure all tablets, computers, and smartphones are locked if they contain sensitive data.
- Education: Create cybersecurity policies and train your employees on how to follow them. You can also supply your clients with information on how they can keep their data secure.
- Connectivity: Ensure your wireless connection is secure and enable two-factor authentication for remote employees.
These are just a few tips on how to improve your cybersecurity. The best way for most hedge fund managers to secure their sensitive business information is to work closely with specialists at cybersecurity and managed IT firms. At Agio, we provide hedge funds and other financial firms with intelligent managed IT and data protection to prevent breaches and service outages.
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