•   
  •   

MoneyNumber of cyber incidents reported by financial services firms explodes

12:00  01 july  2019
12:00  01 july  2019 Source:   cityam.com

Lloyd's of London calls for cyber cover clarity in insurance policies

Lloyd's of London calls for cyber cover clarity in insurance policies Lloyd's of London calls for cyber cover clarity in insurance policies

Number of cyber incidents reported by financial services firms explodes © Getty

The number of cyber incidents financial services firms reported to the Financial Conduct Authority (FCA) rocketed in 2018, data published today reveals.

Financial services firms reported 819 cyber incidents to the FCA in 2018, up from 69 in 2017, according to data obtained in a freedom of information request by accountancy firm RSM.

Retail banks were responsible for the highest number of reports (486) – almost 60 per cent of the total.

This was followed by wholesale financial markets with 115 reports and retail investment firms with 53.

Gallery: WhatsApp hack and other notorious data breaches (Stars Insider)

Brexit bill for UK financial services reaches £4bn

Brexit bill for UK financial services reaches £4bn UK financial services companies have racked up a Brexit bill of close to £4bn as they prepare to shift people and capital to the EU, according to EY, the consultancy. Some of Britain’s biggest financial services groups have disclosed £1.3bn in relocation costs, legal advice and contingency provisions since Britain voted to leave the EU three years ago, plus an extra £2.6bn in capital injections as they set up non-UK headquarters, EY’s quarterly Brexit tracker said.

Number of cyber incidents reported by financial services firms explodes

There were 93 cyberattacks reported in 2018. Over half were phishing attacks and 20 per cent were ransomware attacks.

The FCA has warned recently of a significant rise in cyberattacks and outages affecting financial services firms. It has called on regulated firms to develop greater cyber resilience to prevent attacks and operational resilience to recover from them.

Technology partner at RSM Steve Snaith said: “’While the jump in cyber incidents among financial services firms looks alarming, it’s likely that this is due in part to firms being more proactive in reporting incidents to the regulator. It also reflects the increased onus on security and data breach reporting following the GDPR and recent FCA requirements.

‘However, we suspect that there is still a high level of under-reporting. Failure to immediately report to the FCA a significant attempted fraud against a firm via cyber-attack could expose the firm to sanctions and penalties from the FCA.”

MSN are empowering Women In Sport this summer. Find out more about our campaign and the charity fighting to promote the transformational and lifelong rewards of exercise for women and girls in the UK here.


An Post suspends deliveries to Tallaght estate after spate of anti-social behaviour and threats.
An Post suspends deliveries to Tallaght estate after spate of anti-social behaviour and threats

—   Share news in the SOC. Networks

Topical videos:

usr: 3
This is interesting!