New Hedge Fund Cybersecurity Report Reveals Changes Firms are Making in a Post-Pandemic World

The convergence of IT and cyber teams among top actions firms are taking to improve cyber posture ahead of new regulations in 2022

NEW YORK , May 24, 2022 /PRNewswire/ -- Agio, a leading cybersecurity and managed IT provider for financial services firms, published its inaugural 2022 Hedge Fund Cybersecurity Trends Report today. The survey was conducted in Q1 and captured the opinions and perceptions of recent, current, and future cybersecurity programs, readiness, and initiatives from 100 hedge fund practitioners across the technology, operations, cybersecurity, and compliance fields.

According to the respondents surveyed, two years of working mostly remotely has added significant strain to the hedge fund industry's cybersecurity defenses and resiliency. The added surface area required to support remote investment teams taxed the industry as firms reported increased attack frequency and severity.

The report also examines how the pandemic has made it essential for cybersecurity teams and technology teams to work together as a "single, holistic unit" to bolster a firm's cyber posture. In fact, across every major demographic surveyed, this belief was held almost unanimously.

"The results of this survey, particularly the convergence of cybersecurity and IT under one roof, is fully aligned with the work we've been doing for years to empower our clients with secure, reliable, and resilient information systems," said Bart McDonough, Agio's CEO and Founder. "We've seen firsthand how firms have exposed themselves to slower threat response times and heightened cyber risks when they've taken a fractured approach to managing IT and cyber defense, and we applaud the industry's push to evolve their approach to robust cyber defense."

Other topics explored in this year's report include why firms chose to in-source vs. outsource cyber programs; how those decisions impacted their ability to defend against cyber-attacks; and how cyber program pain points vary based on assets under management, number of staff, and years in operation.

To download the full 2022 Hedge Fund Cybersecurity Trends Report, visit agio.com/hedgefund-cybersecurity-report/ 

About Agio
Agio is a hybrid cybersecurity and managed IT organization equipping the financial services and healthcare industries with next-generation cyber protection and technology support. Agio has extensive experience building, maintaining, optimizing, and securing IT infrastructure for the world's most prestigious client organizations. With more than 300 employees, our culture prioritizes frequent and timely communication to provide unrivaled, highly personalized service across all our solutions including managed detection and response, 360° cybersecurity programs, virtual CISO (vCISO) support, technology hosting, monitoring, management, global service desk, desktop as a service, disaster prevention, and recovery. Agio is headquartered in New York, NY, with additional offices around the world. For more information, please visit www.agio.com.

SURVEY METHODOLOGY
Agio worked with Market Measurement, an independent survey administrator, to conduct the 2022 Hedge Fund Cybersecurity Survey. The survey was fielded in Q1 2022. A total of 100 online interviews were conducted with technology, cybersecurity, operations, and compliance professionals in the hedge fund industry to assess attitudes, behaviors, and perceptions among hedge fund executives about sourcing and managing their cybersecurity solutions and programs. To download the report, please visit agio.com/hedgefund-cybersecurity-report/

Media Contact:
Patrick Ruppe
Director, Demand Generation
+1 718.757.8692
[email protected] 

SOURCE Agio