Financial-protection
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In the wake of the massive probe into insider trading at hedge funds, by which feds have been able to level charges against people today via evidence garnered from wire taps and covert recordings, hedge fund managers are having their office spaces and homes swept for listening devices, according to the FT. In the recent arrest of earlier SAC portfolio manager Don Longeueil, for example, the FBI's complaint is filled with facts that came from his ex-best friend, Noah Freeman, who wore a recording device as they chatted about breaking disk drives. The case against Galleon and Raj Rajaratnam, and specialists at expert network organisations, were built using very much the same methods.
The FT spoke to a few security companies that perform sweeps for bugs and they all said they'd seen an incredible boost in requirements for their professional services by money managers. The founder of Insite Security, a security and risk administration business located in New York, told the FT, Over the last 6 months, there has been a really elevated concern in electronic sweeps for hedge funds. They’re working harder at clamping down on their information safety measures and making sure the phones are secured and the offices aren’t being bugged. We’ve also been instructed to sweep traders’ homes. That storyline was echoed by a different security agency, called Guidepost Solutions, which has also received a spike in calls from hedge funds that have arisen "out of the government’s current research.” The head of Guidepost, Andrew O’Connell, said: “The hedge funds calling for these facilities, which include sweeps but also conformity help and advice, has grown 1000% over the last year.”
A lot has changed in the hedge fund sector year after year. New ordinances, increased investor operational prerequisites and taking on markets have led to changes in the way funds do business. Arguably one of the most considerable changes we’ve seen in the realm of technology functions is an increased focus on security and safety and data protection. On a seemingly consistent basis, we read about high-profile security breaches by criminal and state-sponsored groups attempting to get access to confidential info. The market is involved in an arms race as security hazards and threats constantly evolve, while hedge funds and their investors elevate their security postures.
Investors have gotten savvier with regards to technology, desirous to better appreciate the systems and procedures that enterprises have in place to guide their daily operations. And with the prevalence of new public cloud resources, such as storage and sharing services like Dropbox, firms and investors alike are forced to take particular notice at their security information to make certain all required measures are taken to protect their information. In order to correctly manage security threats, firms must be proactive. Conducting a weakness assessment is a good way to measure the threat level for your firm thereby gauge the necessary steps to eliminate the concerns. They often expose detrimental activity previously unnoticed. Even simple security best practices can go a great distance in alleviating troublesome and costly threats in the future. The most common security threats often originate from out-of-date network and anti-virus patches, application updates and Web browser activity.
