Agio, a leading managed IT and cybersecurity provider for financial services firms, today published its 2023 Hedge Fund Cybersecurity Trends Report, in which the majority of firms reported a spike in cyberattack frequency and severity during the last year.
Firms that insource their cyber programs reported the biggest increase: 77% reported an increase in attack frequency, and 87% said attacks were more severe. These firms unanimously (100%) said they would look to outsource their cybersecurity programs to third-party providers to shore up their cyber defenses.
Agio surveyed 121 hedge fund practitioners spanning the technology, operations, cybersecurity, compliance, and finance fields to assess attitudes, behaviors, and perceptions about sourcing and managing their cybersecurity solutions and programs.
Among this year’s survey respondents, firms that currently insource their cybersecurity programs reported they initially chose to do so to protect hybrid work environments (62%), consolidate cybersecurity and managed IT services (41%), and tap industry-specific and regulatory expertise (33%). Interestingly, among these same firms (those who primarily insource their cyber programs), those three reasons now rank as the biggest drivers for moving cybersecurity programs to a third-party provider.
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The report also found that respondents unanimously agree it is essential for cybersecurity and technology teams to work as a single, holistic unit to bolster a firm’s cyber posture. Bundling these services with a single provider helps identify vulnerabilities and mitigate risks before they become serious—a critical part of the story as firms navigate the complex security required to protect hybrid environments.
“In a world where cyber threats are evolving rapidly, Agio’s vantage point as a managed IT and cybersecurity industry leader allows us to offer unparalleled protection to our clients,” said Bart McDonough, CEO and Founder of Agio. “By safeguarding numerous clients, we’ve cultivated insights that those solely focused on their own networks miss. Our experience becomes their shield.”
This year’s in-depth report also explores how cyber program pain points vary based on assets under management, number of staff, and years in operation as well as seniority and functional role.
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