Cyber Crisis Communication Plans: What Works and What Fund Managers Should Avoid (Part Two of Two)

Even a small cyber incident can erupt into a high-profile event depending on whether and how it becomes public. Because of the potentially damaging impact press coverage can have, fund managers should be prepared with thorough communications plans that contemplate more than just technical answers. It is also important for fund managers to have these plans, as well as their general cyber programs, in peak condition in preparation for the SEC’s third cybersecurity sweep of advisers. This second article in our two-part series on cyber crisis communication plans offers advice on strategies for handling external communications to the media, regulators and others; controlling and coordinating with a third-party vendor; and overcoming common pitfalls and challenges. The first article outlined ways to identify key personnel and their roles; detailed crucial playbook components and the benefits of planning ahead; and offered guidance on approaching internal communications during a cyber crisis event. For more on combating cybersecurity breaches, see “Essential Tools for Private Fund Managers to Combat Escalating Cyber Threats” (Feb. 4, 2016); and “ALM General Counsel Summit Highlights Key Elements of a Robust Cybersecurity Compliance Program” (Dec. 17, 2015).

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