Cyber security has become an increasingly prominent focus of the industry. Regulators also are taking a strong interest in understanding and assessing the resilience of regulated firms to cyber-attacks. Following the publication of the first SBAI Cyber Security Memo in 2015, the SBAI has published an updated Cyber Security Memo 2019 focusing on small and medium-sized alternative investment managers (see press release here). The new Memo provides a series of practical tools these managers can consider, including:
The SBAI also ran a series of table-top cyber-attack simulation exercises with its Signatories and Investor Chapter Members to help the industry explore responses to realistic attack scenarios, including data theft, financial infrastructure attack and crypto ransomware.