Securing data for financial firms

Phil Chambers, Metro COO, in Private Funds CFO discusses 5 steps Private Equity Firms with limited resources can take in order to secure their data.

Extract:

5 steps to securing your PE firms data

Private equity firms with limited resources can take measures without spending too heavily to ensure that their data is protected, writes Phil Chambers.

A recent survey of global private equity firms found that half of all respondents were unhappy with their cyber security arrangements. This comes as no surprise since very few lower mid-market firms will have the expertise in-house or the budget to employ cyber-security consultants. But with hard-won reputations on the line, these survey results are a call to action.

Data security isn’t all about buying expensive bits of kit or paying large amounts for external support. If your defenses are breached, your existing human and technological resources must work together; both are part of a single ecosystem and both need to be fit for purpose. But where do you start when these resources are limited? Detect and define. It’s crucial to know the difference between harmless software malfunction, annoying spam and a red flag hack before you raise the alarm. Monitoring software can help detect unusual activity but so can staff, investors and stakeholders. Ensure staff and stakeholders can recognize and report incidents such as phishing scams.

To read more please go to Private Funds CFO