A study released by Thomas Murray, a risk‑intelligence firm serving the investment sector since 1994, found that the United Kingdom’s smallest private‑equity and venture‑capital funds—those managing less than $1 billion in assets—have notably weaker cybersecurity defenses than larger peers.
The analysis, which examined the external security posture of 558 private‑equity and venture firms worldwide, assigned each a score from 0 to 1,000 based on publicly observable data and dark‑web exposure monitoring. According to the report, 25% of UK growth and venture investors below the $1 billion AUM mark fall short of Thomas Murray’s “good” security threshold.
The study focused on funds that back companies in deep‑tech, life sciences, artificial intelligence, quantum computing and semiconductors, many of which are university spin‑outs from Oxford, Cambridge and London. The United Kingdom accounts for more than a quarter of the smaller funds included in the sample.
“The fastest way to lose a breakthrough today is not to have it copied through the courts, it is to have it taken off a poorly defended server,” said Ioan Peters, Managing Director of Thomas Murray Cyber Risk.
Thomas Murray said the findings underpin its PE Cyber Index, a tool used by institutional clients to assess manager risk. A follow‑up report will extend the analysis to portfolio companies.
The Five Eyes intelligence alliance has warned of heightened state‑backed attempts to steal competitive advantage from emerging‑technology firms, targeting AI, quantum computing and synthetic biology.
