Investment Association and KPMG team up to warn asset managers on threats of cyber breaches

 
Alexandra Rogers
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The joint report calls for increased collaboration across the industry (Source: Getty)

The Investment Association is teaming up with big four auditor KPMG to launch a report into cyber resilience for asset management as it launches a key conference in the City today.

The trade body for asset managers will bring together law enforcement experts and government agencies to launch the joint report, titled "Building Cyber Resilience in Asset Management", which will outline the practical steps organisations can take to build a cyber resilient business.

It will call for increased collaboration across the industry and for investment in developing mechanisms that will allow firms to detect, respond and recover from potential attacks at speed.

Chief executive of the Investment Association Chris Cummings said: “Cyber security issues are not going away and businesses need to understand, manage and mitigate potential cyber security risks. It is testimony to the importance of asset management firms in the City that the City of London Police selected our industry event to launch Cyber Griffin. We will continue to support the industry as it adapts to counter the ever growing threats from cyber security.”

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Partner and investment management cyber security lead at KPMG Matthew Martindale added: “Asset managers exist to protect clients’ assets and that no longer means just making a return. Protecting client’s money and data in a digital world is a challenge - more tech means more cyber-crime - and the consequences of getting it wrong will be severe."

Last month the IA launched its own cyber security committee which will work with firms, regulators and public authorities to ensure the industry is taking the right steps to combat cyber crime.

The conference will also feature the launch of Cyber Griffin by the City of London Police. Under the new initiative, specially trained officers will brief the community on threats, intelligence sharing and how to respond to cyber attacks.

A report by the National Cyber Security Centre earlier this month warned that the scale and number of data breaches increased rapidly in 2017, while Lloyds Bank found that only a third of British businesses have a financial plan in place in the case of a cyber attack.

Read more: UK businesses unprepared for cyber attacks

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