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JDSUPRA: COVID-19 has created many new concerns for private fund managers; however, managers should be particularly mindful of heightened cybersecurity and fraud risks. With increased numbers of employees teleworking, there are increased vulnerabilities for cybercriminal intrusions creating privacy-related risks for fund portfolio information, LP confidential data, and other sensitive electronically-stored materials.
Reuters: Elite hackers tried to break into the World Health Organization earlier this month, sources told Reuters, part of what a senior agency official said was a more than two-fold increase in cyberattacks.
Cision: According to the report, cybercrime will cost the world $6 trillion annually by 2021, up from $3 trillion in 2015. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, and will be more profitable than the global trade of all major illegal drugs combined.
Katten: In the wake of the coronavirus (COVID-19) pandemic, government officials have urged companies to allow more employees to work from home in an effort to halt the spread of the disease. As businesses shuffle to operationalize remote work policies, bad actors continue to exploit the vulnerabilities associated with remote work and target employees working from home.
The Washington Post: Chinese hackers have used fake documents about the coronavirus to deliver malicious software and steal sensitive user information, according to a report Thursday from researchers documenting a growing wave of cybercrime exploiting fears about the global pandemic.
ETF Trends: Cybersecurity breaches over the years have certainly put the need for preventative measures at the forefront, and that can only intensify as the financial technology (fintech) space continues to advance. For investors looking to park their capital at the current low prices amid the coronavirus outbreak, cybersecurity and fintech ETFs is one area to watch.
The Next Web: There are a few things we just won’t stand for in 2020 – but first on the list is the phrase, “employees are the weakest link in cyber security.” It’s a saying that people really should have ditched in 2019.
Bob's Guide: According to James Kemp, managing director, Association for Financial Markets in Europe (AFME), there is uncertainty over how to regulate concentration risk in a way that does not stifle innovation or eradicate smaller third-party suppliers.
Cryptopolitan: As per the report, hackers have stolen at least 9.8 billion dollars in crypto from investors and holders. KPMG, one of the big four accounting firms, stated that it was essential for the crypto industry to improve security before it can truly grow.
The Wall Street Journal: Email scams—often riddled with typos and written by non-native English speakers in Africa—were once crude attempts to steal money from inexperienced computer users. No more.
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