- 73% of global fund buyers believe their organization is a target for a cyberattack
- 47% do not know how many IT security incidents take place at their firm
- 43% do not know how often cybersecurity systems are tested
- 57% are not involved in cybersecurity matters
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Global Fund Buyers Believe Their Firm Is A Cyberattack Target
(London, September 2020) Three-quarters of professional fund buyers think their firm is a cyberattack target as nearly half admit they lack knowledge around cybersecurity.
A CoreData Research global study of 300 professional fund buyers carried out in April found 73% believe their organization is a potential target for a cyberattack.
But despite the perceived threat level, almost half (47%) of respondents admit they do not know how many IT security incidents their firm experienced in the last 12 months. This proportion increases to nearly six in 10 (58%) fund buyers working at turnkey asset manager providers/DFMs.
In addition, more than four in 10 (43%) global fund buyers do not know how often their organization’s IT/cybersecurity systems are tested. This increases to nearly half (47%) of fund buyers in the EMEA region. In terms of organization type, a majority (57%) of fund buyers working at insurers and private banks do not know how often cybersecurity systems are tested.
“These findings reveal worrying cybersecurity knowledge gaps which underline the importance of embedding cybersecurity into the corporate fabric,” said Andrew Inwood, founder and principal of CoreData. “The onus falls upon leadership to instill a sense of urgency and responsibility among employees through training and education initiatives.”
The Importance Of Data Security
The study also shows that nearly six in 10 (57%) fund buyers are not involved in cybersecurity matters. This is despite the fact that 95% think every member of an organization needs to be responsible for cybersecurity. Furthermore, nearly all respondents recognize the importance of data security (98%) and the need for robust technology solutions to protect businesses from breaches (96%).
“This indicates a gulf between cybersecurity awareness and preparedness that will need to be bridged as the Covid-19 crisis makes organizations more vulnerable to cyberattacks,” added Inwood.
Meanwhile, 89% of global fund buyers say their organization has invested in technology over the past three to five years. This figure rises to 92% of fund buyers in North America. Outsourcing is playing a major role, with 63% of firms partnering with third-party specialist technology providers. More respondents in North America (77%) say their firm outsources the technology component.
The primary technology solutions that institutions have access to are cybersecurity systems (88%), back-up disaster recovery plans (86%) and cloud technology (83%). North American institutions are slightly ahead of the curve when it comes to cybersecurity systems (90%) and cloud technology (88%).
CoreData Research is a global specialist financial services research and strategy consultancy. CoreData Research understands the boundaries of research are limitless and with a thirst for new research capabilities and driven by client demand; the group has expanded over the past few years into the Americas, Africa, Asia, and Europe.