FOR IMMEDIATE RELEASE
LightPoint Financial Technology prepares its clients for upcoming SEC ruling with Drawbridge partnership
The strategic partnership extends robust safeguards and resilience to LightPoint’s clients while enabling its own team to follow best practices and address potential vulnerabilities in a proactive manner.
Sarasota, FL, May 3, 2023 – LightPoint Financial Technology (“LightPoint”), a SaaS vendor that helps fund managers and advisors grow their businesses, is partnering with Drawbridge to gain access to the vendor’s comprehensive range of cybersecurity solutions and services. The partnership will help LightPoint and its clients maintain compliance with current and upcoming governance, risk, and compliance (GRC) requirements, while combatting cyber threats and third-party risks.
“Investment firms handle sensitive financial data and client information, which increase the likelihood that they will be targeted by cybercriminals with potentially severe repercussions if they are not prepared to prevent or recover from such events. The SEC is in the process of mandating new cybersecurity rules to address these risks, and these new rules will significantly impact registered investment advisers and registered investment companies’ cyber risk strategy,” said William Haney, CEO, Drawbridge.
The SEC has made it clear that cybersecurity is a top priority for the agency in the coming years by proposing additional cybersecurity requirements that are likely to go into effect later in 2023. The new rules aim to ensure that investment firms are taking appropriate steps to protect their information systems and sensitive client information, which includes the firms’ third-party vendors.
Through this partnership, LightPoint gains access to the Drawbridge’s industry-leading cybersecurity platform, including vulnerability scanning, cybersecurity governance and employee training and awareness.
This partnership further reinforces LightPoint’s commitment to maintaining the highest levels of security across all aspects of its operations. While LightPoint’s front-to-back portfolio, order, and execution management system (POEMS), already boasts a single tenancy architecture to ensure that each client’s data is stored in a dedicated instance, the partnership will enable its clients to take a holistic approach with regards to cyber security, and centralize and manage their security programs, improve their risk profile, and raise institutional capital.
Bruce Pople, CTO and CISO, LightPoint Financial Technology, said, “This partnership enables our engineering team to focus on what they do best – building software – while the experts at Drawbridge ensure that our systems are secure. With the reporting they provide on internal and external vulnerabilities, my team has an easy way to understand any emerging threats and address them proactively. Additionally, Drawbridge makes sure our corporate IT policies reflect best practices and the entire LightPoint team is well-versed and current in all aspects of cybersecurity.”
About LightPoint Financial Technology
LightPoint provides SaaS-based solutions for trading, order management, portfolio management and accounting, managed from a single position source. The platform’s foundation is scalable and extensible, providing fund managers and advisors with unprecedented configurable solutions to grow their businesses. More at lightpointft.com.