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Abacus Group Announces AbacusFLEX Private Cloud Conforms to UK Cyber Security Guidelines

Abacus Group - Nov 10, 2016

Managed Cloud Services Provider for Alternative Investment Funds Remains Vigilant on Cybersecurity threats and initiatives

Abacus Group, a leading provider of hosted cloud IT solutions for alternative investment funds, applauds the United Kingdom's Government and Chancellor Philip Hammond for formally launching the new National CyberSecurity Strategy, which includes stepped up efforts to combat data breaches, identify theft, fraud and money laundering in the financial services sector. Abacus services already meet or exceed these standards.

Abacus, which in October announced a major expansion of its services and the opening of a second data center in London, provides cyber defenses to its more than 400 clients in the alternative investment field globally. Noting that the U.S. Securities and Exchange Commission (SEC) has been increasing its requirements for cyber defense compliance on the same investors, Abacus CEO Chris Grandi said the firm is committed to continually investing in research and development to maintain vigilance in both the US and UK markets.

"One of our core disciplines is maintaining a secure platform for funds to operate from," Grandi said. "As the amount of regulatory responsibility grows, investment firms are addressing whether they have the resources available to address and manage them effectively. With respect to cybersecurity, it will be important to leverage third-party technology and cybersecurity experts to assist with adherence to regulatory requirements in the UK and in the US."

In 2015, Abacus partnered with Foresite, a leader in managed security services, to enhance cybersecurity protection for clients using the AbacusFLEX™ platform. This collaboration enhanced and added new layers of protection within the platform to help clients identify, respond to and recover from cyber threats. It includes 24x7x365 monitoring and analysis by a security operations center that responds to alerts and takes proactive measures to reduce risk. Abacus, also recently, enhanced the AbacusFLEX platform by leveraging Varonis's award winning auditing & reporting capabilities provided by the DatAdvantage technology platform.

Tom Cole, Abacus's UK Operations Director, said the new U.K. Government cybersecurity initiative sets out decisive action to both protect the citizens of the U.K. as well as London as a center of financial services. "It is vital that the investment community in London embrace leading security technologies and disciplines to address the evolving threat landscape," Cole added. "Abacus Group is committed to continuously monitor emerging threats and countermeasures to best protect our clients."

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