Keeping up with evolving cybersecurity regulations requires thorough and consistent assessments.
A Cyber Risk Assessment gives Emerging Fund Managers greater insight into cybersecurity deficiencies and which cyber controls to implement in order to meet compliance requirements.
Check out the four ways a Cyber Risk Assessment (CRA) helps simplify compliance:
- Completing a CRA helps complete specific cyber-related regulatory standards
Regulatory standards like the proposed SEC cyber rule, the SEC’s S-P amendment, New York’s DFS regulations, and the EU’s Digital Operational Resilience Act (DORA) all impose cybersecurity obligations.
A completed Drawbridge CRA provides SEC and DORA readiness reports mapped to compliance regulations. With more regulations becoming more stringent, you can identify ways to build a strong cyber strategy that meets these specific cyber-related requirements.
Read: Do Managers with a small staff still need a cyber program?
- Creating compliance documentation
Almost any cyber-related regulation you encounter requires evidence of your current cyber program. A CRA helps you to document, review, and update items that are often required by compliance regulations, including:
- Documentation and annual review of a firm’s WISP. A WISP is a representation of your firm’s existing procedures, standards, and guidelines to ensure confidentiality, integrity, and availability of data. Cybersecurity regulations, like the proposed SEC Cyber rule, require a Fund Manager to document changes and annually review their WISP.
- Planned remediation evidenced in a single view, such as Track in the Drawbridge Platform.
Read: Hedge Fund launch roadmap: Where does cybersecurity fit in?
- Developing an incident response plan
An incident response plan (IRP) details the steps your firm will follow when a cybersecurity incident occurs. Effective IRPs not only detect potential breaches but also outline how your firm should respond to and remediate an incident.
CRAs offer vital support when developing your firm’s IRP, providing comprehensive insights into each facet of your cyber program, including your:
- Data security and security policies.
- Access controls and account security.
- Employee training, awareness, and onboarding procedures.
- Security for endpoints, mobile devices, network security, and physical security.
- Generating independent findings
Whether you need to send reports to the SEC, the European Commission, or even to stakeholders, investors and regulators expect an objective CRA performed by an independent cyber assessor.
A cyber vendor, separate from an outsourced IT provider and compliance consultant, ensures an independent, expert evaluation of cyber risk and concrete recommendations for a remediation plan to proactively address any potential exam deficiencies.
Read: The Importance of Independence
Get smart and take action — Choose an independent cyber vendor for your compliance strategy.
Drawbridge offers extensive Cyber Risk Assessment solutions designed to assist you with documentation, incident response planning, and report generation. Each of our CRAs comes with a detailed report on our findings, including both the strengths and major weaknesses of your current cyber program.
Plus, the Drawbridge team works with you directly to address the exact regulatory standards your firm is required to adhere to. A Drawbridge CRA is not a one-size-fits-all solution — it is a comprehensive assessment tailored to each firm’s unique compliance needs.
