On January 21, the Hedge Fund Standards Board (HFSB) released the results of its first cyber-attack simulation (via a press release dated January 19).

The HFSB is responsible for the Hedge Fund Standards, which set out standards of transparency, integrity and good governance for the hedge fund industry. The HFSB engages with EU and UK regulators on a number of areas, including the EU Alternative Investment Fund Managers Directive, financial stability and short selling, among others. The HFSB also maintains a “Toolbox,” which provides further guidance to firms on themes covered by the Hedge Fund Standards. In September 2015, the HFSB published and added a Cyber Security Memo to the Toolbox, which contains practical guidance to assist firms to build risk management tools, identify “key digital assets” and to develop response plans in the event of a cyber-attack.
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