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Alternative Market Briefing

Alternative asset industry should address cybersecurity threats

Thursday, October 06, 2016

Komfie Manalo, Opalesque Asia:

With cybersecurity continue to grow into a worldwide crisis, the alternative asset management industry should not procrastinate in addressing its threat, said Michael Minces, founding partner and general counsel of Blue River Partners.

Minces said, "We have witnessed enormous, real-life cybersecurity breaches in every major industry, including banking, media, technology, transportation, government, and financial services. The alternative asset management industry is no different, with new reports of cyber hacks occurring on almost a weekly basis."

He said that the Securities and Exchange Commission (SEC) has been emphasizing this issue for years now, identifying cybersecurity as an exam and enforcement priority and sending strong signals to the investment community in the form of public statements, industry guidance, and enforcement actions.

"If investment firms have procrastinated in addressing this business and regulatory risk, they are advised to make it an immediate priority," stated Minces.

Investment management firms should understand that protecting against cybersecurity threats and complying with SEC rulemaking involves more than passively relying on their IT provider to ensure that firewalls are in place and penetration tests are carried out. A complete solution necessitates an ongoing, proactive effort of assessing risks, implementing policies and proc......................

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