The Central Bank has launched a review of the cyber security policies and procedures of asset managers, amid fears that the investment industry has been slow to tackle the threat of cyber crime.

Teams from the bank have begun carrying out on-site inspections at a number of fund managers, investment firms and stockbrokers.

The inspections come after the Obama administration earlier this month called hedge funds a weak link in the US financial system’s defence against hackers and terrorists.

The Central Bank is focusing particularly on whether companies have the correct policies and procedures in place.

It is also looking at how fund managers and asset servicing companies manage the risk.

It is understood the bank is visiting a broad sample of businesses. – Copyright The Financial Times Limited 2015