Agio is a firm that specializes in cybersecurity. One of their main interests is the protection of hedge funds from hackers and other breaches. Agio offers consultation, which involves going over any existing structures that a business already uses for protection, finding weaknesses in those parameters, and suggesting repairs. Agio can also come up with entire programs to implement that involve all levels of staffing.
A significant defense that any hedge fund can have against break-ins is adequately trained employees. Whether they mean to or not, employees can be a loophole for hackers. Teaching employees how cybersecurity works, how breaches are made, and what they can do to protect the company is one powerful method to begin creating a foundation of safety for your trades and clients.
The benefit of having a total cybersecurity program in place is in the event you get a disgruntled staff member there are levels of protection already established. There can be stop points in the system that will not allow access.
Other systems should be in place, to protect against acts of terrorism, threats, or ransom. These are all forms of malicious attacks, but individuals can also breaking to gather documents, personal data, and trading information. Breachers are often known to collect people’s Social Security numbers, birthdates, addresses, and credit information. At a hedge fund, their financial world could be exposed and threatened if not adequately protected.
It needs to be expressed that not all hackers are looking to find ways to blackmail the hedge fund, but they are often looking for low-lying fruit such as personal information.
With this personal information, these individuals can contact your clients and try to hold them for a ransom type of fund, threaten them for payment, or scare them into giving them money.
If your client receives an email from your business that you did not send, stating they owe money or need to send money or something along that lines, that is a case of phishing which came from a breach in your system. Again, the best way to protect their information is through heavy cybersecurity.
Getting emails and other communications that are not from the source is a type of forgery. At Agio, there is a forgery defense system, which involves fencing technology that is coupled with AI. It searches for phishing patterns and other trails that show a possible entry point. Communication with individual investors is additionally important. It’s important that investors have hedge fund managers prepare a DDQ or due diligence questionnaire; Agio stresses the importance of having a glimpse into the internal operation of a hedge fund.
Agio is comprised of technical engineers, who are schooled and trained in cybersecurity, detection, and remediation. Our company’s business is preventing problems before they happen, but we also have the ability to repair and replace broken systems and detect break-ins and breaches.
These security measures are both technical and physical, which can involve training employees and setting up physical parameters to secure infrastructure, trades, and data.