Due to the pandemic, cyber attacks have been on the rise with private equity firms quickly becoming a top target. With deep pockets and little concern about wiring large amounts of money, PE firms and their portfolio companies make a prime target for bad actors.
While big PE shops have the resources to shore up their cybersecurity before a breach, or while it happens, that is not the case for many small to mid-sized firms.
And with Performance Improvement Partners seeing a 750% increase in portfolio-wide cyber initiatives in H1 2020 vs. H1 2019, the need for PE firms to heighten cybersecurity measures for their firm and portfolio companies is increasing at a rapid pace.
As Dan DeFrancesco writes in the full Business Insider article, “Private equity has increasingly come into the public eye in recent years, thanks to big deals and the growing profiles of leading executives. However, increased attention isn’t always a good thing. Hackers, too, have noticed the rise of private equity and begun targeting the firms — and their portfolio companies — in hopes of tapping into their deep pockets.”
https://www.pipartners.com/private-equity-cyber-attack-risks/