Half of private equity managers concerned over cyber security
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Half of private equity managers concerned over cyber security 05 June 2018London Reporter: Jenna Lomax
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Some 51 percent of private equity and real estate managers are less than satisfied with their current level of cybersecurity, according to Augentius.
In the survey, the independent private equity and real estate fund administrator, found that legacy systems and a lack of technology leadership and skills are identified as major barriers to innovation.
Augentius also discovered that over half of respondents viewed investing in their own firm’s technology as a high priority for the coming year, with only one in ten marking it as a low priority.
In the survey, managers said they expect data management technology and artificial intelligence to transform the way private equity operates.
An area of particular focus is cyber, as just over half of the managers surveyed are less than satisfied with their firm’s current level of cybersecurity.
Accordingly, 54 percent of managers also identified cybersecurity as one of their top two priorities for technology investment this year, with the other leading priority being data management and cloud.
Ian Kelly, group CEO of Augentius, said: “It’s fair to say the old stereotype of the industry lagging behind when it comes to seeing the importance of technology is now firmly outdated. The results underline how attitudes have shifted.”
He added: “There are positive signs that regulator warnings about the rising threat of cybercrime are getting through to the industry and having the desired effect on investment in this area. However with half of the industry less than satisfied with their arrangements there is clearly still some road left to travel—regulators have been clear that there isn’t any room for half-measures on this front.”
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