Cybersecurity Strategies: Is Your Remote Team Secure?
02 19 2021
Many investment management funds continue to increase their corporate security budgets in response to the COVID-19 pandemic and business continuity plans for remote work in 2021. Chief Information Officers (CIOs) usually working on routine implementations and future goals pivoted during COVID-19 toward the security of remote offices to keep the company security infrastructures intact. Remote team security was one of the largest cybersecurity initiatives of the decade.
Asset Management firms, RIAs, and alternative investment funds were among the first organizations that implemented additional cybersecurity strategies at the pandemic’s onset. The reorganization of budget dollars toward cybersecurity will continue in 2021 and beyond, as domestic and foreign security threats further challenge security systems.
According to McKinsey & Company:
“The challenges that cybersecurity organizations face have spilled over to technology providers. Those companies have done their own pivots to keep up with customers’ shifting needs and to institute new ways of doing business. To succeed in the post-COVID-19 era, technology providers must rethink their strategies and offerings to accommodate a new security landscape. And they must continue to monitor customers’ needs and adjust sales, service, and training accordingly.” – COVID-19 crisis shifts cybersecurity priorities and budgets. July 21, 2020.
McKinsey’s report also indicates that in 2021, spending will vary by industry. The report states for financial services and insurance industries, budgets will increase for specific segments, such as security controls for the cloud-based business functions that financial services and insurance companies are adopting.
At AspenHR, we work with alternative investment firms, RIAs, and other financial services firms as a PEO, offering HR consulting, employee benefits and payroll processing. One aspect of our benefit offering is that we have a cybersecurity liability coverage program to help protect clients from financial loss due to cyber-attacks. The cost of an actual or suspected violation of privacy regulation due to a security breach that results in an unauthorized release of protected personal information can cost the company millions. For firms that haven’t addressed their cybersecurity protocols, implemented third-party security software, or insured themselves, 2021 and beyond will continue to threaten their security infrastructure as cyber-attacks are not going away.
Please contact us to learn more about our cybersecurity liability program:
- Limit of Liability- $250,000 in annual aggregate
- Master policy
- No aggregate limit on master policy
- Zero retention
- Coverage territory is worldwide
We are a PEO that helps companies invest in their cyber-security protection. We also help alternative investment companies and asset management firms offer high-quality benefits to their employees. Our specialty is HR strategies and sourcing retirement savings plans, health insurance, Medical, Dental, Vision, Life, Disability, and other services to retain employees, attract new talent, and position your company as one of the best places to work.
Contact us to learn more about Aspen Cyber Security Advantage and make the first step to protect your business today!