Presented at the Private Wealth Management Summit 2017 held at Mumbai, India. Security has to be considered as the foundation on which one can build a business. Gone are the days when we can build a perimeter, sit back and feel secure. In today’s digital environment we partner with others, we outsource, we have alliances, we let our customers into our systems and as we extend our networks. In the digital economy, effective cyber security can mean the difference between a business’s success and its failure.

1. Cyber Fraud and Security
WHAT RISKS DOES FAMILY OFFICE'S FACE IN
TODAY'S WORLD?
Kannan Subbiah
Chief Technology Officer
MF Utilities India Pvt Ltd
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2. About MF Utilities
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 Transaction Aggregation System
 Ease and convenience of transacting
 SEBI Regulated
 Equally owned by the Asset Management Companies
 Free for all
 Check www.mfuindia.com for more details

3. Setting the Stage
“We thought that data was the new Oil …
… but it turns out it is the new Asbestos”
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4. Mobile Devices
MOBILE, the new Cyber Crime Target
Percent of overall fraud originating
from a mobile device
Percent of transaction volume
originating from a mobile device
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5. What’s Happening?
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6. Cyber Threat Map
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Source:
https://www.fireeye.com/cyber-
map/threat-map.html

7. Small is not Safe
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8. Small is Not Safe
85%
50%
Vast majority of small
businesses lack a formal
Internet security policy for
employees, and only about half
have even rudimentary
cybersecurity measures in place
Despite significant
cybersecurity exposures, 85
percent of small business
owners believe their
company is safe from
hackers.
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9. Some of the Small Business Stats
 28 million small business owners have no confidence in their
security
 1 in 5 small businesses reported a cyber attack
 63% of small businesses have been victims of cyber attacks in the
last 12 months
 Average cost of a breach for small to mid-sized businesses was
over $180,000
 40 percent of attacks are against organizations with fewer than
500 employees.
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10. Where are We Heading to …
Data
Things Systems
People
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11. Machine Intelligence
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12. Privacy & Security
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Privacy Security
Data
Safeguards
Awareness
& Training
Compliance
Notice & Choice
Collection Limitation
Use Limitation
Purpose
Specification
Accountability
Access to Data
Confidentiality
Integrity
Availability
Reliability
Authorization
Authentication
Access Control

13. Compliance under Indian IT Act
 Body Corporate includes Firms and Individuals
 Information Privacy
 Grievance Officer
 Reasonable Security Practices
 Maintenance of audit logs and trails
 Punishment – upto 3 years of Imprisonment or fine up to
5 Lakhs or both.
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14. Risks For Small Office
 Reputation / Brand damage
 Loss of customer trust and in turn revenue loss
 Cyber extortion / Ransomware
 Network / System disruption
 Regulatory Compliance Liability
 Investigation, Fine and Remediation Costs
 Risk of business closure
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15. The Myths
 Investment in sophisticated tools
 Third Party provides a managed security services
 Protect Internet Facing Applications alone
 Never been attacked
 It’s the Responsibility of IT
 Too Small to experience a breach
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16. Stronger Authentication
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17. Patch Regularly
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18. Avoid Phishing Attacks
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19. Have the Basics Right
 Install / Implement and Activate the Firewalls
 Use a reliable end point protection software
 Have a back up plan
 Collaborate with Friends & Peers on Cyber Risk /
Security
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20. Other Precautions
 Be careful in sharing your personal data
 Control Physical and Logical access to IT Assets
 Maintain, Monitor & Review Logs
 Educate your employees
 Know about and be Compliant with Laws and Regulations
 Assess, Audit and Patch the security gaps periodically
 Use tools to stay vigilant and proactively monitor the cyber incidents
 Use Cyber Insurance
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21. Thank You
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Be Agile & Resilient