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Managers Raise Cyber Defense with Strategic Hires

September 9, 2015

FundFire
By Danielle Walker

Asset managers are increasingly tasked with demonstrating robust cybersecurity programs to investors, and are seeking the help of recruiters to find senior leaders to oversee breach response and prevention efforts.

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Should a reportable breach occur, companies that make a concerted effort to follow cybersecurity best practices from agencies will be in better shape from a legal standpoint, adds Stephen Grossman, a partner at law firmĀ Montgomery McCracken, who chairs the firm’s data privacy and cybersecurity practice.

He points to the increased interest from regulators, which has included outlines of what managers need to focus on, as a sign firms should tool up and prepare to defend potential breaches.

“While its guidance and not law,” he says, “these agencies aren’t going to have much empathy for a company that hasn’t really taken the advisement issued seriously to make sure everything is buttoned up.”

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