Cybersecurity Benchmark Survey Lists Respondents' Top Concerns and Readiness
New York and London, March 26, 2024–(BUSINESS WIRE)–About 40% of compliance professionals at asset management, investment advisory, and private market firms have not yet evaluated artificial intelligence (AI) as a cybersecurity risk, while 44% have We are concerned about the new cybersecurity mechanisms in place and the rules will be implemented accordingly. 2024 Cybersecurity Benchmark Studya joint project of ACA Group and the National Society of Compliance Professionals (NSCP).
ACA Group's ACA Aponix® and NSCP conduct this twice-yearly survey to help businesses better manage the growing expectations and uncertainties surrounding cybersecurity risk. The 2024 survey was conducted online from January to February and covered a wide range of topics. Notable findings include:
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Regulatory preparedness and concerns: 44% of survey respondents said they were uncertain about how the SEC would enforce the rules, and 36% of compliance professionals cited concerns about meeting cyber incident reporting requirements and deadlines. .
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AI risk management: 38% of respondents do not yet recognize AI as a cybersecurity risk, 27% do not think AI is related to cybersecurity, but almost half (49%) do not consider it relevant to cybersecurity risk management respondents said they are in the early stages of considering AI as a tool for .
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Cybersecurity threats: Respondents ranked the following as the top three cyber threats they were most concerned about: Payment fraud/business email compromise (70%). Ransomware (67%); Privacy threats and risks to personally identifiable information (52%). Respondents had little concern about deepfakes, with just 5% citing it as a concern.
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Cyber security preparedness: Approximately 79% of compliance professionals express confidence in their organization's ability to respond to a cyber breach. Only 40% conducted external testing of their company's response plan.
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Cyber insurance: Approximately 83% are confident in their ability to respond to unexpected system outages. Most respondents (85%) who have cyber insurance say they view it as an important risk management tool.
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Vendor Cybersecurity: Despite obvious concerns about how vendors conduct due diligence, more than half (51%) of companies have not renegotiated vendor contracts with additional cybersecurity clauses in the past 24 months.
“Our findings highlight the critical importance of staying ahead of evolving cybersecurity threats,” said Mike Papacena, Partner at ACA Aponix. “It is clear that regulatory compliance remains a top concern, with nearly half of respondents expressing uncertainty about SEC enforcement. We are committed to providing our clients with strong regulatory guidance and solutions.”
“The Cybersecurity Benchmarking Study continues to be a valuable resource for compliance professionals seeking insight into current and emerging cybersecurity trends, policies, and challenges across the financial services industry,” said Lisa Crossley, Executive Director of NSCP. ” he said. “We are particularly proud of our partnership with ACA Group, which helps businesses prioritize their cybersecurity programs.”
Results of the 2024 Cybersecurity Benchmark Study will be announced during the ACA and NSCP webcast on April 25, 2024. Click here for more information.
About survey respondents
Global compliance experts from 308 financial services companies participated in the survey. Companies of all sizes participated, with 23% of respondents managing assets between $2 billion and $10 billion, 15% managing assets under $500 million, and 14% managing assets between $1 billion and 20 billion. It manages assets of $1 billion. Also of note is that an additional 14% of respondents said they managed more than $20 billion in assets. Nearly half (48%) of responding companies reported having between 11 and 50 employees.
Responding companies were from a variety of industries, with most responses being asset managers/non-alternatives (42%), broker-dealers (32%), and alternative investment advisors (11%).
About ACA Group
ACA Group (ACA) is a leading governance, risk and compliance (GRC) advisor in financial services. For over 20 years, we have helped clients reimagine his GRC to launch, grow and protect their businesses. Our global team of 1,250 employees includes former regulators and practitioners with a deep understanding of the regulatory landscape. Our innovative approach integrates advisory, managed services, delivery solutions and analytics with ComplianceAlpha.® technology platform. For more information, please visit: www.acaglobal.com.
About NSCP
Since 1986, the National Society of Compliance Professionals has been a leading nonprofit membership organization dedicated to supporting compliance professionals in the financial services industry, primarily focusing on investment advisors, broker-dealers, and private funds. . NSCP membership provides a wide range of compliance resources, educational opportunities, and regulatory advocacy and engagement. NSCP provides members with important information on compliance topics, regulatory insights, and useful tools through monthly publications, online and in-person events, and an interactive online community. NSCP members have access to a diverse community of compliance professionals who share their knowledge and expertise.
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contact address
Media contact:
ACA Group
backbay communications
aca@backbaycommunications.com
NSCP
Colleen Gallagher
upper word and upper word
cgallagher@onwrdupwrd.com
