HFSB Adds Cyber Security Memo to Managers' Toolbox

Sep 17 2015 | 11:35am ET

The Hedge Fund Standards Board (HFSB) has added information about cyber security to its toolbox of materials for managers seeking standardized guidance on a wide range of issues.

The cyber-security memo will help fund managers identify their key digital assets and provides a list of practical “quick win” cyber security action items and projects to enhance a firm’s resilience, including the development of an incident response plan, according to a press release.  

“Cyber security has emerged as a critical area of focus for the entire financial services sector, including regulators and other government authorities”, noted Dame Amelia Fawcett, chair of the HFSB, in a statement“ In its continual process of providing practical help to all of its key stakeholders - hedge fund managers, investors and regulators - the HFSB has developed timely and practical guidance to help firms manage this complex and important area of risk."

Iain Anderson, CTO at Cheyne Capital Management, added, “This memo is pragmatic and outlines the major areas that firms of all sizes need to focus on – I particularly like the section on what firms should be doing without breaking the bank.” 

The cyber security memo was prepared by the HFSB with the input provided by HFSB signatories, investor chapter members and core supporters. The findings will be presented at the meeting of IOSCO’s Affiliate Members Consultative Committee (AMCC) in Zurich, Switzerland in October 2015.

The publication of the memo is the third item in the HFSB Toolbox, following the publication of the memo on administrator transparency reporting earlier this year and the standardised board agenda last year.

The HFSB was set up in 2008 as the standard-setting body for the hedge fund industry and now has a growing membership internationally. Hedge fund managers in the US and Canada now account for 40 percent of the HFSB’s 123 signatories. Assets under management of all HFSB signatories total more than $800 billion.


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