ACE IT Launches Cyber Security Website For Hedge Funds

Oct 7 2014 | 7:20am ET

ACE IT Solutions has launched a website dedicated to cyber security for hedge funds.

The site, www.cybersecuritynyc.com, was created to help alternative investment firms at all asset levels successfully address today's cyber security challenges and features the latest educational materials including white papers, blogs, relevant news and information about cyber security solutions and services.

The firm said hedge funds continue to be a prime target for malicious hacking and other cyber threats due to the potentially large payoffs for hackers. The 2014 IBM Cyber Security Intelligence Index indicates that the financial industry accounts for 23.8% of all cyber attacks, the highest of any industry.

An ever-increasing number of devices connecting from various locations and growing volumes of data can make it difficult for hedge funds to develop and deploy effective cyber security measures. Said Warren Finkel, managing partner of ACE IT Solutions, in a statement:

"Most hedge funds and asset managers have insufficient internal controls in place to deal with hackers. There are multiple facets to this security problem. First, a large percentage of financial services companies believe they’re too small to be noticed by cyber criminals. And second, many of those who do acknowledge the reality of security risks aren’t prepared to address them.”

Another motivator could be the recent announcement by the SEC that it will review the policies and safeguards asset managers have in place to protect themselves against cyber attacks.


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