Cyber And Technology Resilience In UK Financial Services
At a speech made by Megan Butler, Executive Director of Supervision at the FCA for Investment, Wholesale and Specialists delivered on the 27th November it was highlighted that Firms have reported significant increases in in outages and cyber-attacks over the last 12 months and that cyber security was not only a threat to technology but a real human risk as well. It also noted from an FCA survey it showed that nearly half of all firms do not upgrade or retire old IT systems in time and only 56% of firms say that they can measure effectiveness of their information asset controls.
Two Key comments from the speech were;
“On the basis of the data that the FCA is currently collecting, we see no immediate end in sight to the escalation in tech and cyber incidents that are effecting UK financial services.”
“the current threat level is remarkable. Cyberattacks are now sandwiched between ‘failure of climate-change mitigation’ and ‘large-scale, involuntary migration’ on the World Economic Forum’s 2018 risk landscape”