Cyber Security review for Australian Asset Manager

In response to the escalating cybersecurity landscape and recognising the importance of safeguarding their critical business systems, this Australian Asset Management firm engaged Great Minds for a full audit of the firm’s security posture.

The primary objective was to conduct a comprehensive security review encompassing on-premise and cloud-based infrastructures. The review aimed to identify potential vulnerabilities and weaknesses within their information technology ecosystem and provide tailored recommendations to fortify their defences against cyber threats.

During initial discovery, Great Minds found several critical vulnerabilities that required immediate action.

Great Minds adopted a multi-faceted approach combining industry best practices, regulatory compliance standards, and cutting-edge tools for vulnerability assessment and penetration testing. This methodology allowed for a comprehensive evaluation of the asset manager’s security posture, identifying potential gaps, and vulnerabilities.

Findings

The security review yielded a series of critical findings that required immediate attention. Noteworthy discoveries included:

1. Inadequate Access Controls: Certain business-critical systems lacked granular access controls, leading to potential unauthorized access and increased exposure to insider threats.
2. Outdated Software and Patch Management: Several software applications and operating systems were found to be outdated, leaving them susceptible to known vulnerabilities.
3. Weak Authentication Mechanisms: Weak password policies and the absence of multi-factor authentication on critical systems posed a significant security risk.
4. Insufficient Network Segmentation: The asset manager’s network exhibited inadequate segmentation, potentially enabling lateral movement for attackers in the event of a breach.
5. Incomplete Incident Response Plan: The existing incident response plan lacked comprehensiveness, potentially impeding timely and effective responses to security incidents.

Recommendations

Drawing on the comprehensive assessment, Great Minds prepared a tailored set of recommendations to address the identified vulnerabilities.

Great Minds’ meticulous security review provided the Australian Asset Manager with invaluable insights into their cybersecurity posture. Armed with the comprehensive audit and tailored recommendations, the asset manager is now empowered to bolster its information security defenses effectively. The implementation of the proposed measures will significantly reduce the risk of cyber threats, safeguard critical business systems, and fortify the reputation and trust of the asset manager among its clients and stakeholders.