Ryan Dodd, CEO of Cyberhedge, believes: “The FCA report that asset managers lack fundamental understanding of cyber security risk, while welcome, is simply not strong or good enough. Asset managers are the custodians of critical information, they make key investments in the interests of UK citizens and are paid to understand and assess risks, yet they appear unable to do so—even for their own businesses.
“Investors should be outraged that the professionals entrusted with managing corporations do not understand, and are failing to properly audit what is now a fundamental risk to the viability of organisations across all industries. IT infrastructure and data are now essential businesses assets. Asset managers would never get away with side-lining risk related to financial fraud, so why are they allowed to do so for cyber-related risk?