The latest digital and technology innovations, product and service developments in the world's wealth management sector.

Drawbridge
Drawbridge, which provides cybersecurity software and solutions to alternative investment firms such as private equity and hedge fund businesses, is creating an industry advisory board to push ideas as multi-trillion dollar cybersecurity threats remain.

The board is formed of senior industry figures and clients of Drawbridge, the New York-based business said. The board will add new members and provide a forum for people to collaborate, connect and learn from their peers.

"The cybersecurity landscape is constantly evolving, and it’s critical that the industry and our clients have an open forum to share insights and experiences with each other and with Drawbridge that can benefit the broader community," Jason Elmer, founder and CEO of Drawbridge, said. 

Cybersecurity remains a major global concern, heightened by Russia’s invasion of Ukraine and concerns about the activities of states such as China. Last year, ransomware attackers compromised Colonial Pipeline’s fuel distribution across the eastern US, coming at a time when supply chains had already been disrupted by the pandemic. A report by Global X, by Mirae Asset (28 January) noted that the average data breach cost rose from $3.86 million in 2020 to $4.24 million in 2021, the highest total cost in the 17 years IBM has published its Cost of a Data Breach Report 2021. Corporations, for example, are expected to spend $172 billion in 2022. 

The threat is one that groups such as family offices – often not carrying large offices and IT infrastructure – need to be aware of, given their collective heavy wealth.