Novi’s €200k technology upgrade enables secure IT infrastructure and remote working for Irish Funds

Novi, the secure IT and cloud service provider, has announced that it has, as part of a €200,000 technology upgrade, designed and implemented a customised IT infrastructure for Irish Funds. The new infrastructure includes multiple layers of security to help protect Irish Fund’s systems and data from potential cyber-attacks.

Founded in 1991, Irish Funds is the representative body for the international investment funds community in Ireland, responsible for supporting, developing and promoting the fund’s industry globally. It represents more than 145 member companies, 16,000 funds industry professionals and 14,000 funds, totalling €5 trillion in assets under administration.

Membership numbers at the association have risen by more than 40% in the past five years and Irish Funds required an infrastructure capable of handling large volumes of data, multiple office sites and which could scale with the organisation’s growth.

Irish Funds, which works closely with its members, as well as stakeholders across government departments, the Central Bank of Ireland and other regulatory and industry bodies, wanted a first-class technology infrastructure to enable high levels of cybersecurity and compliance.

Novi implemented a bespoke IT infrastructure to deliver increased security, performance and reliability. The remote working capabilities of the new infrastructure grant employees secure and seamless access to real-time information, enabling them to offer support to its member and stakeholder base, regardless of their location in the world.

Multiple layers of cybersecurity help to protect Irish Funds from the risk of a cyber-breach, including an advanced firewall, email protection and Novi PatchGuard, which automatically implements patches to keep all systems up-to-date and secure against malware and associated threats. In addition, Novi CyberView monitors for hidden threats on the network and provides Irish Funds with user-friendly analytics and reports on the health and security of its systems.

Pat Lardner, CEO, Irish Funds, said: “The funds industry in Ireland employs 16,000 people directly across the country and contributed €837 million to the exchequer last year. The industry is very large, continuously growing and Irish Funds is at the heart of it. We were seeking an external IT partner who could help us deliver on our objective of supporting the ongoing development of the funds industry. Novi’s experience and success in implementing technology platforms for both regulated and non-regulated financial organisations really stood out to us.

“The strategic advice from Novi on how we could get the most from our investment in technology was invaluable from the outset, especially as we are a relatively small entity with no internal IT department. We are now well equipped with a rock-solid IT infrastructure, tailored to our specific needs, so our staff can work faster, with better information, minimum disruption and from anywhere in the world.”

George O’Dowd, MD, Novi, said: “Irish Funds plays a central role in supporting a thriving industry in Ireland. We knew they required a secure remote working solution to support those involved in investment funds in every corner of Ireland. As well as this, the organisation is now equipped with a scalable and reliable system capable of growing in tandem and keeping it secure in the future.”