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Cybersecurity has become one of the most important areas of focus in compliance and risk management and is gaining momentum at a tremendous speed.

Many asset managers are being targeted as they are unprepared and lack the cyber cleverness and security measures to ward off cyberattacks.

These attacks are increasing in complexity, volume and detriment.

The unfortunate reality is that no defence will eliminate the threat to cybersecurity and data protection.

Asset managers need to focus on prevention, detection and rapid response.

Cybersecurity is not a threat restricted to governments regarding national security or infrastructure or large established lucrative organizations, such as the banks.

It is not a problem for just the United States or Europe.It is important for asset managers to identify an individual who makes cybersecurity a priority, takes ownership and has overall responsibility for the cybersecurity program.In a large firm, it could be an individual with the necessary skills and qualifications to handle this role.The general consensus is that cyberthreats will never be completely eliminated and therefore the question is no longer simply how an organization protects itself from a cyberattack.Due to the sheer volume of cyberattacks occurring around the globe, the question also now includes how best to respond to and mitigate any damage from a cyberattack.Cybersecurity is a global concern and an area of great importance for Canadian organizations large and small, public and private.

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