HFSB Adds Cyber Security memo to its Toolbox

Dame Amelia Fawcett, Chair of the HFSB, said: “Cyber security has emerged as a critical area of focus for the entire financial services sector, including regulators and other government authorities. In its continual process of providing practical help to all of its key stakeholders (hedge fund managers, investors and regulators), the HFSB has developed timely and practical guidance to help firms manage this complex and important area of risk."

Iain Anderson, Chief Technology Officer at Cheyne Capital Management noted: “This memo is pragmatic and outlines the major areas that firms of all sizes need to focus on – I particularly like the section on what firms should be doing without breaking the bank.”

Karl Wachter, General Counsel at Magnetar Capital stated: “We welcome this educational effort by the HFSB on cyber security. Both managers and investors stand to benefit from a better collective understanding of this evolving set of risks.”

The Cyber Security Memo was prepared by the HFSB with the input provided by HFSB Signatories, Investor Chapter members and Core Supporters. The findings will be presented at the meeting of IOSCO’s Affiliate Members Consultative Committee (AMCC) in Zurich, Switzerland in October 2015.

The publication of the Cyber Security Memo is the third item in the HFSB Toolbox, following the publication of the memo on Administrator Transparency Reporting earlier this year and the Standardised Board Agenda last year.