BlueVoyant today released a report detailing cyber risks in private equity portfolio companies.
Report on private equity cybersecurity risks.
BlueVoyant this morning released a report on cyber risks in the private equity sector. IT management was found to be a major concern in the industry.
Researchers found that 19% of the 780 examined firms are exposed via critical known findings exploitable by threat actors, which BlueVoyant refers to as ‘Zero Tolerance’ findings. The vulnerable portfolio companies were predominantly in the United States, followed by the United Kingdom and France. More than 70% of the internet-facing finds that are critical are related to IT hygiene.
BlueVoyant makes some recommendations, including advising private equity firms to proactively work with their portfolio companies. Implementing updated IT management standards, prioritizing risk reduction, and regularly assessing portfolio companies’ risk posture are recommended. James Tamblin, vice chairman of strategic development at BlueVoyant, said in a press release, "It is imperative that private equity firms effectively monitor their digital ecosystems by continuously monitoring their portfolio companies to quickly remediate any issues and overcome any cyber attack financial impacts. Without proper cyber risk management, these companies can face costly repercussions, especially if improvements in IT hygiene are not made.