With information security a key issue for asset managers, a new software platform is aiming to allow directors with no specialist IT skills to monitor the whole of their cybersecurity.
ThreatAware says its platform is unique in allowing board members and senior managers to check the cybersecurity status of all their critical systems and software, and compliance with policies and procedures at the same time. A dashboard provides visibility, alerting users to threats, making it clear what actions need to be taken and by whom, and keeping records for compliance purposes.
ThreatAware is designed for asset managers and other financial and professional services firms where cybersecurity monitoring and compliance are critical. It makes it easier to comply with GDPR and other standards and can be tailored for FCA-regulated firms.
According to a report by HTF Market Intelligence, cyberattacks against financial services firms increased by over 70 per cent in 2017 and are more common than in any other industry. The attack on Equifax created a turmoil in the global markets, while incidents like the WannaCry and Petya ransomware affected firms worldwide.
ThreatAware has been launched by serial entrepreneurs Steve Thomson and Jon Abbott, co-founders of London-based IT services provider, Priority One.
Jon Abbott, CEO of ThreatAware, says: “Cybersecurity is now a key business risk and financial services firms which hold large amounts of client data are a particular target.”
“Cybersecurity is not the sole preserve of the IT department, but a company-wide challenge. While tools such as firewalls and anti-virus software are critical, firms also need the right policies, procedures and staff training in place alongside them. ThreatAware allows directors to keep track of all these different aspects, simplifying compliance and providing peace of mind.”
The ThreatAware dashboard monitors the company’s security tools, such as anti-virus, email and web software, which enables it to detect all devices connected to the network and identify the users. ThreatAware also comes complete with a framework to help companies to comply with the relevant standards – whether that is GDPR, Cyber Essentials, ISO/IEC 27001:2005 or FCA regulations.
ThreatAware creates alerts graded by the level of threat – for example, amber where a device requires its antivirus updating or red if the system is infected. Alerts cannot be overridden, even by engineers, and remain visible until fixed. As changes are tracked over time, users can monitor trends and be alert to developing problems.
ThreatAware is priced at GBP300 per month plus a small monthly fee per computer. The standard package includes Webroot Anti-Virus, while the enhanced package also bundles Cisco Umbrella web browsing security and Automox patching tool. ThreatAware is ideal for firms with 35 to 500 users.
Abbott says: “Regulators accept that it may not be possible to prevent every breach, but they expect organisations to have monitoring and safeguards in place and they are willing to hold directors to account.”
“ThreatAware allows directors to have total visibility of their business cybersecurity. Not only does the platform minimise the risk of a breach, but it also provides evidence that the board has taken all reasonable steps to prevent it.”