Have I Been Breached? A Step-by-Step Guide for Investment Management COOs to help Identify, Respond to, and Recover from a Cyber Breach
In today’s digital age, investment managers face an ever-increasing risk of cyber attacks. As the COO of your firm, it is crucial to be well-prepared and ready to respond quickly and decisively to minimize regulatory, financial and reputational risk. In this article, we’ll guide you through the key steps to identify if your firm has been breached, what to do if you discover a breach, and how to begin the recovery process.
Step 1: Is Your Firm Breached?
Determining whether your firm has fallen victim to a cyber event or incident is the first crucial step. With the rise in cyberattacks, it is important to stay vigilant. According to our 2023 Cybersecurity Hedge Fund Trends Report, 67% of firms claimed the number of cyber-attacks has increased significantly since 2022. And 78% of firms agreed their time to resolve cyber-attacks has also increased in the past year. Sadly, there are no signs of these cyber risks slowing down.
We developed a checklist to help you identify if your firm has experienced a breach:
- Unusual Network Activity: Monitor for any unusual network activity, unexpected data access, or unauthorized login attempts.
- Data Anomalies: Analyze data logs and patterns for anomalies, such as data exfiltration or irregular data transfers.
- Employee Reports: Encourage employees to report any suspicious activities or incidents promptly.
- Third-Party Alerts: Keep an eye on alerts from your third-party cybersecurity solutions.
Step 2: What to Do if You Discover a Breach
If you suspect or confirm a breach, swift and well-coordinated action is critical. Here’s a quick list of actions to take:
- Isolate the Breach: Quarantine affected systems or networks to prevent any further damage.
- Notify Your IT Team: Inform your IT or cybersecurity team immediately to assess the breach’s scope.
- Notify Legal Counsel: You will need assistance in navigating legal consequences while also protecting privileged information.
- Notify Your Insurance Provider: This is a crucial step for initiating the claims process and securing financial assistance for recovery in the aftermath of a cyberattack.
- Public Relations Management: Involve your PR team in managing public perception and reputation.
- Forensic Investigation: Conduct a forensic investigation to determine the breach’s scope and your open vulnerabilities.
- Contain and Remediate: Work on containing the breach, removing the threat, and improving your security.
With Agio as your partner, you can:
- Consult Agio’s Cybersecurity Experts: Engage Agio’s cybersecurity experts in assisting in breach analysis and response, ensuring you have seasoned professionals by your side.
- Execute Data Breach Communication Plan: If required, collaborate with Agio to promptly notify affected individuals and regulatory bodies about the breach, following the necessary protocols.
- Implement More Robust Cybersecurity Controls: Once your incident has been remediated, Agio’s Cybersecurity Governance and Operations teams can implement a defense program to ensure you are prepared to fight off the next attack before your data is compromised.
Step 3: Beginning the Recovery
Once the breach is contained and initial actions are taken, focus on recovery. Here are the top three areas to concentrate on:
- Enhance Security: Implement security enhancements based on lessons learned from the breach. This may include secure endpoints, segment network architecture, patching vulnerabilities, strengthening access controls, and updating security policies.
- Data Restoration: Ensure data integrity and restore any affected systems and data from secure backups. Verify data accuracy and completeness.
- Continuous Monitoring and Adaptation: Implement continuous monitoring and threat detection to prevent future breaches. Regularly assess and update your cybersecurity posture to stay ahead of competition and growing threats.
To further fortify your firm’s cybersecurity resilience and address vulnerabilities, you can rely on Agio’s suit of services:
- Agio’s Incident Response: Your complete rapid response solution for cybersecurity breaches. Our expert team swiftly identifies, contains, and remediates breaches, minimizing damage. We handle the technical, legal, and compliance aspects, ensuring a smooth recovery. Trust Agio for a resilient, confident rebound from cybersecurity incidents.
- Agio’s Vendor Risk Program: Manage third-party cybersecurity risk effectively with Agio’s Vendor Risk Program. It includes assessments and real-time insights into vendor cybersecurity practices. We conduct an annual vendor assessment that involves a thorough 180+ intelligence-based due diligence questionnaire rooted in industry standards. This assessment helps us identify potential vulnerabilities and security gaps. Assess, monitor, and manage the cybersecurity risk associated with your vendors today.
- SEC Cybersecurity Governance Program: Leverage Agio’s virtual Chief Information Security Officer (vCISO) expertise to strengthen cybersecurity governance and ensure compliance with regulatory changes. Through monthly meetings and strategic discussions, we make sure that you’ll effectively meet the SEC’s most recent requirements. Learn more about our Governance program that will help your firm exceed investor expectations and mitigate cyber risks.
- Agio’s Cybersecurity Operations (XDR) Service: Our XDR service provides you with an advanced, proactive, and continual defense against cyber threats. By leveraging cutting-edge technology and our expert team of analysts, we detect and mitigate threats swiftly, reducing the risk of future successful attacks and bolstering your organization’s cybersecurity resilience.
Contact us today to learn more about how our cybersecurity expertise can prepare your firm for a safer and more resilient digital future. Your cybersecurity is our priority, and together, we can navigate the complex cybersecurity landscape with confidence.
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