The FCA says the number of cyber attacks against financial services firms has soared from just five reported attacks two years ago 75 attacks so far this year.
Speaking at a Cyber Security Summit held by the Financial Times, FCA director of specialist supervision Nausicaa Delfas said this was not just a problem for large firms, as small firms also hold large quantities of sensitive data.
She said if this was compromised this would have a “ripple effect” to other areas of financial services.
She said: “We know from firms’ reports to us that attacks are on the increase year-on-year — in 2014, we received five reports, in 2015 27, and 75 so far in 2016.
“Whilst this significant increase indicates more attacks are occurring, this may also suggest better detection and great reporting to us on the part of the firms.”
Delfas also predicted a “significant rise” in ransomware attacks, which install malware through a bogus email, then block users from accessing information.