Data privacy and cybersecurity for investment firms

Key quotes:

• "FORECAST: COMPLIANCE REGULATION, RANSOMWARE, IOT, COMPREHENSIVE CYBERSECURITY SERVICE AND MORE Our 2018 Cybersecurity Trends article was developed to promote awareness and offer information on emerging threats, cybersecurity risk management, preventive measures, countermeasures and security awareness training to empower you with cyber intelligence."
• "The need for regulation in cybersecurity has and will continue to give rise to regulatory standards and actions taken in upholding said standards."
• "TAKEAWAY: CYBERSECURITY IS A MAJOR ISSUE FOR MODERN BUSINESSES, AND INVESTMENT FIRMS, PRIVATE EQUITY AND FINANCIAL INSTITUTIONS ARE PRIME TARGETS."
• "SAVVY FIRM OWNERS WILL PRIORITIZE FINDING THE BEST SERVICE PROVIDERS, AND INNOVATIVE PLAYERS IN THE CYBERSECURITY INDUSTRY SHOULD TAKE ADVANTAGE OF THE OPPORTUNITY."
• "TAKEAWAY: BUSINESSES THAT DEAL IN OR ARE RELATED TO CRYPTOCURRENCY SHOULD EXPECT THE INCREASED INTEREST TO BRING MORE SCRUTINY AND A GREATER THREAT TO SECURITY AS UNSAVORY ACTORS ATTEMPT TO TAKE ADVANTAGE OF VULNERABILITIES."
• "TAKEAWAY: HOW YOUR COMPANY HANDLES A DATA BREACH MAKES ALL THE DIFFERENCE IN MITIGATING LOSS — THE OPTICS CAN BE JUST AS IMPORTANT AS THE ACTUAL SECURITY OF YOUR DATA."

Key quotes:

• "Companies, governments, and other institutions are investing heavily in programs, tools, and software to beef up security standards and protect end users."
• "But times are still good in the security world and Okta is still a strong and fast growing company to consider."
• "They invest significantly in new software, tools, and features for their array of products related to identity and access management."
• "This recent quarter growth is very high and investors have expectations for their next earnings data on May 28th."
• "They make software to help companies secure data and protect important assets."
• "Growth of 80–90% each quarter shows the unreal demand for their software tools as companies invest heavily in security related products."

Key quotes:

• "The investors today look for companies that has secure systems apart from profit generation, huge market share, strong growth potential, or a reasonable valuation."
• "Cybersecurity and defense theme are for every organization, company, investment banking industry, government and all sectors you can name."
• "This article explains about the importance of cybersecurity in the investment industry."
• "Cybersecurity is the compelling theme for investment banking — the high-profile financial services industry."
• "The cybersecurity system comes with an ever-growing ecosystem of protective technologies that include: Let us investigate how investment banking gets targeted by hackers."
• "Investment banks are targets for sophisticated cyberattacks and investment banks must invest in advanced cybersecurity solutions to protect the company’s IP and proprietary data."

Key quotes:

• "Companies and executives who want to ensure maximum cyber safety for their organization should pay attention to Cisco’s recently published study."
• "What this equates to is better effectiveness at preventing breaches and mitigating the damage when one occurs, both financially and temporally."
• "This means more and more companies are coming to see data security as wise, advantageous investments."
• "Noncompliance with the new regulations resulted in an average of 212,000 files compromised during a data breach, versus 79,000 from GDPR-compliant entities."
• "And with 82% of companies having experienced a breach in 2019, I’d say every file counts."
• "This mindset of proactive investment will prove especially relevant as cyber criminals continue to expand their efforts, targeting companies through an increasing variety of avenues."

Transcript: >> It's just a real honor that we wereable to have Vice President for Research at Indiana University, Fred Cate, hereto be our closing speaker of the day. Vice President Cate specializes ininformation privacy and security law issues. He's testified before numerousCongressional committees and speaks frequently before professionalindustry and government groups. He's a senior policy adviser to the Center forInformation Policy Leadership at [Inaudible] and Williams, a member of Microsoft's TrustworthyComputing Academic Advisory Board, Intel's Privacy and Security External Advisory Board, theDepartment of Homeland Security Data Privacy and Integrity Committee, CyberSecurity Subcommittee, the Department of Defense Advance ResearchProjects Agency Privacy Oversight Board, the Board of Directors of the PrivacyProjects, the Board of Directors of the International Foundation for OnlineResponsibility, and the Board of Directors of [Inaudible] Institute for Researchon Sex, Gender, and Reproduction. That's a pretty impressive list ofthings that, that Fred's involved in. So he's going to speak with us thisafternoon about data and privacy, and it's my dis, pleasure to welcome you, Fred. [ Applause ] >> Thank you very much. I, I couldn't be more delighted to be here. I should tell you I've come from the eye doctor. So I can't see really any of you,... See more →

Key quotes:

• "According to their website, “FINRA reviews firms’ approaches to cybersecurity risk management, including: technology governance, system change management, risk assessments, technical controls, incident response, vendor management, data loss prevention, and staff training.” For smaller hedge funds, they provide a cybersecurity checklist."
• "With cyberattacks, data breaches, and other cyber fraud getting increasingly sophisticated, there are some key areas that hedge funds should focus on to prevent the most common types of cybersecurity vulnerabilities."
• "It is highly critical for hedge funds and their employees to adhere to these guidelines thoroughly and consistently in order for them to be effective in preventing cyber thefts, cybersecurity breaches and attacks."
• "In a spear phishing attack, the email message will include details and other information that will make the user believe that it is coming from a highly trusted source, like other hedge fund employees or someone in a position of authority, like their manager."
• "Hedge fund IT and compliance should share with their employees examples of real phishing email attempts."