Private Markets, Public Exposure – cyber risk managed or overlooked

Private market investments are growing in scale and impact, but the operational reality behind them looks nothing like the automated, monitored world of listed securities. Manual workflows, email-driven instructions, spreadsheet records, thin back offices and layers of intermediaries make private markets operationally harder. This approach extends into the management of their own portfolio from a cyber security risk perspective. Business email compromise and ransomware are already exploiting these blind spots, while concentration in fund administrators and transfer agents could turn a single breach into a multi-fund event. This session asks what the post-trade community should do to reduce the risk in this space.