Work patterns in the alternative investments space have seen a significant shift over the years —from working in the office on a computer, to collaborating remotely via mobile applications and bring your own devices (BYOD). To remain competitive, an enormous amount of data must be shared on-the-go to facilitate investment decisions, but with minimal IT oversight, this trend towards mobile could open the door for increased risk of information leakage.
There is a lot at risk—customer and employee data, the fund’s investment strategy, etc.—and it is up to the fund manager to make sure its data assets are secure.
Firms Less Likely to Lock Down Mobile Devices
A research study conducted by Intralinks and Ponemon Institute concludes that only 27% of firms use mobile device management (MDM) to secure mobile devices and laptops a remotely erase them.
Today, many organizations have embraced a bring your own device (BYOD) approach. Although BYOD is a common policy, it is not always a preferred practice, says the report. This applies if mobile devices are being used to share business documents. Why? Because it’s difficult to effectively manage security at the device level. Fifty-nine percent of respondents prefer devices provided by the organization.
Steps for Managing Mobile Information Sharing
Here are some of the capabilities your fund’s mobile application should include:
- Ability to view and control document permissions on your mobile device so you can manage document access rights.
- Capability to prevent saving, copying, or printing of shared documents.
- Device-level PIN codes and the ability to clear corporate data when time-outs are exceeded.
- Application-level encryption through an advanced AES-256 algorithm and multi-layer key management
- A distinctive 256-bit-length encryption key, with data keys protected by the master key
- Administrative controls that prohibit access to both the database and the application server — thus blocking access to the master key.
- A proprietary mechanism that prevents making encryption copies, protecting the content on the device.
- Full document tracking and audit compliance.
- A standards-based, single-secret key exchange. Besides the capabilities listed above, read more about how your fund can prepare an approach and plan to securing sensitive data.
Besides the capabilities listed above, read more about how your fund can prepare an approach and plan to securing sensitive data.