SailPoint Technologies Holdings, Inc. (NYSE: SAIL), leader in enterprise identity security, announced today that it has become a member of The Investment Association, the trade body representing investment managers and asset management firms in the UK.
Through its membership, SailPoint plans to raise awareness of cyber security threats facing the financial services industry in the EMEA region and offer guidance to firms regarding how to protect themselves from such threats.
Experts have indicated that the financial services industry is currently one of the most attacked sectors in EMEA. Instances of disruptive attacks, targeted ransomware, crypto-jacking, supply chain attacks and data theft by state-sponsored and criminal actors are on the rise, as these actors seek to enrich themselves by exploiting any cyber weakness they can find. A year of remote working and increased digital connectivity across the value-chain has, in many cases, allowed these risks to go unmanaged and undetected in the industry, magnifying the opportunity for cyber threats to thrive. It has been reported that during 2020, investment scam cases in the UK increased by almost a third (32%), with losses reaching £135.1 million, which is up 42% compared to 2019.
SailPoint warns investment and asset managers to create a more sustainable cyber security strategy that falls under the responsibility of the C-suite. This means ensuring appropriate investment in people, processes and technology to reduce the risks of cyber-attacks and data breaches.
Stephen Bradford, Senior Vice President EMEA at SailPoint, said:
“The asset management industry faces a turbulent period as cyber criminals look to exploit human vulnerabilities, particularly as many continue to work from home. More than ever the industry needs to work together and invest and share intelligence - remembering that we are up against organised crime, with deep pockets to fund their activities, sometimes even nation states that see a successful data breach as active duty and a badge of honour.
“Organisations must be proactive and prioritise educating and protecting staff from the threat of cyber-attacks. Investment in technology, such as an identity security platform, is a significant step on this journey, and I am excited for SailPoint to join The Investment Association to raise awareness of the actions organisations can take to safeguard the security perimeter.”
SailPoint is calling on organisations to put in place ongoing and continuous cyber security training for all staff, including regular test phishing exercises. It is also calling on businesses to ensure IT teams are supported with AI and machine learning technology that can automatically manage access rights specific to the individual roles and responsibilities of employees.