Key Takeaways from Uncorrelated Miami 2026
At Uncorrelated Miami 2026, industry leaders moved past abstract cyber threats and focused on a more urgent question: where is cyber risk actually impacting firms today?
During a panel discussion, Chris Schoenwetter, Director of Cybersecurity at BW Cyber, shared insights on modern wire fraud tactics and cyber insurance blind spots that continue to create real financial exposure for alternative investment firms and family offices.
The conversation centered on practical risk and highlighted where losses are occurring.
Wire Fraud Risk Is Becoming More Precise
Wire fraud remains one of the most damaging cyber risks in financial services. However, today’s attacks are no longer obvious or rushed.
Modern wire fraud schemes often involve:
- Monitoring legitimate email conversations over time
- Impersonating trusted vendors or internal stakeholders
- Timing requests to align with real transactions
As discussed during the session, many incidents succeed not because of technical failures, but because verification processes break down under pressure.
The Limits of Cyber Insurance Coverage
Cyber insurance continues to play an important role in risk management, but it is no longer a safety net firms can rely on blindly.
Chris emphasized several emerging realities:
- Policy requirements are tightening
- Claims reviews are more aggressive
- Coverage exclusions are expanding
Insurers increasingly expect firms to demonstrate documented and operational controls, not just written policies. When incidents occur, coverage often depends on whether procedures were actively followed — not whether they existed.
The takeaway was clear: cyber insurance supports resilience, but it does not replace it.
Practical Cybersecurity Controls That Reduce Real Risk
Rather than focusing on complex tools, the discussion highlighted controls that consistently reduce real-world exposure.
Effective measures include:
- Out-of-band verification for wire and fund transfer requests
- Clear cash management policies
- Regular testing of operational processes
- Tabletop exercises based on realistic attack scenarios
These controls work because they align with how teams actually operate — even during busy or high-pressure moments.
Final Thoughts
As Chris noted during the session, the goal is not to eliminate cyber risk entirely — it is to reduce exposure, slow attackers down, and recover faster when incidents occur.
If your firm is rethinking how it manages wire fraud, operational risk, or cyber resilience, BW Cyber works with investment firms, asset managers, and family offices to help turn security policies into controls that actually hold up in practice.
From wire fraud risk assessments to realistic tabletop exercises and operational control reviews, our team focuses on reducing exposure where losses really happen.
Contact BW Cyber to start a conversation about strengthening your cybersecurity posture — before an incident forces the discussion.