In the UK, the average time to discovery for a data security breach is 206 days. There is no official data yet reporting the rise of since the outbreak of coronavirus.
However, as the article states, a hedge fund cybersecurity expert said there has been 200% increase in attempted cyber attacks on hedge funds and alternate funds, with rises in domain name impersonations and fake websites.
And it’s hedge funds that may be most vulnerable. “We’ve definitely seen an increase in phishing and crypto-mining, and an uptick in hacking attempts,” Ed Cowen, CEO of Remora, a cyber security consultancy which specialises in hedge fund and asset manager clients, told Financial News. “It’s part of an overall trend that has been accelerated by the digitisation of business and the evolution of crime.” Soaring cases of cyberattacks have been plaguing every sector of the financial industry as the pandemic-driven lockdown forced workers to scatter beyond the firewalls of secure offices. But it’s an especially acute issue for hedge funds, given that many firms in the sector tend to lack the large-scale, in-house security of bigger firms. The rewards for crime are also high: hedge funds manage billions in assets, making them more exposed.