Staying one step ahead of cyber criminals is one of the biggest challenges facing companies in the Alternative Investment sector, requiring a multi-pronged cyber security strategy. Tribeca has launched a Vulnerability Management Tool to minimise risks more swiftly.
It is well documented that the incidence of cyber-crime is increasing and the price of being under-prepared is huge – the cost of a ransomware attack to a financial services organisation now averages a staggering £1.44 million. And, as we noted in our previous blog on cyber security, Alternative Investment companies are prime targets due to the large amounts of capital they manage on behalf of their customers.
Similarly to how a burglar will scan the outside of your house looking for an open window or an unlocked door as an easy point of entry, a cyber criminal will typically attempt to infiltrate your business by finding a small vulnerability within the IT infrastructure to use as a portal. They will then be able to penetrate a little deeper on a second attempt, and so on, until they have a foothold within the network and can launch an attack.
Cyber criminals can be infuriatingly relentless. The 2022 UK Government Cyber Security Breaches Survey found 4 out of 10 UK businesses had identified a cyber-attack in the previous 12 months. Among businesses that reported an attack, 31% estimate they were targeted at least once a week.
Just over half of businesses (54%) have acted in the past 12 months to identify cyber security risks, with the most common response being to implement security monitoring tools (35%). However, qualitative interviews revealed that limited board understanding meant the risk was often passed on to others, including outsourced cyber providers, insurance companies, or an internal cyber colleague.
Vulnerability Management Tool
At Tribeca, our job in the AIM sector is to ensure our clients face the minimal risk possible, ensuring vulnerabilities don’t exist whenever possible and, if they do, dealing with them as swiftly and consistently as possible.
That’s why we’re always looking to enhance the level of cyber security we can offer our clients and why we’ve been developing our own in-house solution which integrates with existing services to bring an extra layer of risk mitigation and management to our clients’ businesses.
Utilising off-the-shelf software, we have built an entire reporting and data layer which transforms complex and hugely detailed cyber security information into targeted, easy to read reports which classify vulnerabilities as critical, high, medium or low risk. Those vulnerabilities are then immediately ordered into an automated workflow to be dealt with by our expert in-house support team, with the most pressing issues fixed in a matter of hours or days depending on severity and priority.
Our clients have peace of mind that we are taking a proactive approach, acting swiftly and mitigating risks before a third party can potentially exploit them.
To find out more about our new Vulnerability Management Tool, and how it can improve cyber security at your business, contact us today.