Kelli Moll Comments on Cybersecurity Concerns by Fund Managers
Kelli Moll, a partner in Akin Gump’s investment management practice, is quoted in a FundFire article on the reaction by hedge funds and private equity firms to new cybersecurity scrutiny by the Securities and Exchange Commission. The publication reports that the SEC will visit 50 firms and advisors to assess their cybersecurity systems, which is prompting many to reexamine their systems and many institutional investors to look more closely at the IT systems of the firms they hire.
Moll says the threat of cybersecurity is a top priority of managers and the issue is being taken very seriously by them. She adds that part of the SEC’s focus is on relationships with third-party vendors “to make sure there is a regular process of reviewing and monitoring” them. According to the article, the SEC will then determine problem areas and create new standards.