Identity security firm SailPoint has become a member of The Investment Association – a trade organisation that represents UK investment managers and asset management firms.
According to SailPoint, through its membership, it intends to raise awareness of cybersecurity threats facing the financial services industry in Europe, Middle East and Africa (EMEA) as well as providing guidance to firms to help protect themselves against cyber threats.
SailPoint is an identity and access management provider that helps organisations deliver and manage user access from any device, with the platform providing firms with secure identity security solutions worldwide. The company has locations in Houston, London, Paris, Amsterdam, Pune and Singapore.
SailPoint cited research from experts who have indicated that the financial services industry is one of the most attacked sectors currently in the EMEA region, with targeted ransomware, crypto-jacking, supply chain attacks and data theft by criminals are climbing. The experts cited a year of remote working and bolstered digital connectivity has strengthened this, with investment scam cases in the UK up 32% – influencing losses of around £135.1m over 2020, which is up 42% from 2019.
The identity security enterprise has called on companies to put in place continuous cybersecurity training for all staff, particularly test phishing exercises. In addition, it is asking companies to ensure IT teams are backed with AI and machine-learning technology that can help automatically manage access rights specific to the individual employees.
SailPoint EMEA senior vice president Stephen Bradford said, “The asset management industry faces a turbulent period as cybercriminals 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.”
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