The UK's Investment Association has set up a cybersecurity committee in an effort to improve collaboration within the asset management sector.
In a report written with KPMG, the association calls on boards and senior management at asset management firms to increase collaboration and to invest in developing a cyber-response framework allowing companies to rapidly detect, respond and recover from potential attacks.
To enable this, the cybersecurity committee will work with firms, regulators and public authorities to develop industry guidance.
Chris Cummings, chief executive, Investment Association, says: "The asset management sector is prioritising cyber defence, mitigation and resilience to develop a corporate culture that embraces cyber security at its heart. Technology is transforming our industry at a speed and scale never seen before, with criminals also becoming more creative in how they attack financial systems."
Meanwhile, the City of London Police is launching an initiative, dubbed Cyber Griffin, to make the Square Mile more secure from cyber attacks. Cyber Griffin will see specially-trained officers lead a series of community-focused exercises which will include threat briefings, intelligence sharing and incident response training.
Sergeant Charlie Morrison, who will lead the Cyber Griffin delivery team, says: "Cyber criminals specialise in looking for the weak spots in our security. Cyber Griffin therefore is about basics done well. Through briefings, incident response drills and expert guidance, the aim is to get the fundamentals right every time."
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