Establishing a robust, but flexible and cost-effective cybersecurity program is non-negotiable for emerging Hedge Funds, who are budget constrained and seeking to scale quickly.
To achieve an effective cyber program, focus on developing four strategic pillars within your program:
- Cyber Risk Assessments
A solid foundation for your cyber program begins with comprehensive cyber risk assessments, performed independently from your outsourced IT provider as required by most allocators and LPs.
Cyber risk assessments identify the likelihood of threats to your business and enable you to implement targeted cybersecurity strategies.
This can be especially vital if you are a growing startup or Hedge Fund working remotely while capital is raised for a formal workspace.
- Vendor Risk Assessment
Outsourcing is essential to an emerging Hedge Fund.
Yet, you need to be sure your vendors meet your cybersecurity standards before sharing sensitive business information. Vendor risk assessments play a key role in identifying and mitigating risks posed by vendors.
- Vulnerability Scanning
Regular scans help identify weaknesses in your systems, allowing you to address vulnerabilities proactively before exploitation occurs. This preventative approach protects sensitive financial data and maintains the integrity of your fund’s operations.
Ideally, you should opt for a vulnerability scanning solution that enables continuous scanning. By doing so, you ensure you have real-time insight into your technical defenses at all times. Continuous scanning independently helps you to verify your patching and maintenance is occurring as your policies define them.
- Cyber Training for Staff
Employees are the first line of defense against cyber threats — but they can also be the biggest risk. Equally, your board, investors, and regulators will require that your staff follows the best practices in cybersecurity. Despite having robust cybersecurity technology, it only takes an employee getting fooled one time for a hacker to gain access. Your technology must be placed in the hands of a well-informed, empowered team.
Take action and bolster your cyber program with Drawbridge
Developing a highly flexible cyber program without overspending on new tech requires a reliable cybersecurity partner.
Drawbridge provides solutions for cyber risk assessments, vendor risk assessments, vulnerability scanning, and cyber training. A partnership with Drawbridge equals more time to focus on growing your business and investor profile.
Contact Drawbridge today to get started.
