View more on these topics

FCA warns financial cyber attacks on the rise

FCA logo new 620x430.jpg

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.

Recommended

hacker
6

Cyber criminals hack HMRC to access tax returns

Cyber criminals are reportedly stealing money by hacking into the systems of HM Revenue & Customs to hijack self-assessment records. The Sunday Times reports that HMRC intercepted approximately 17,000 attempts to make fraudulent or incorrect tax repayment claims, worth nearly £100m last year. However, it says HMRC has been unable to fend off all the […]

2

Danby Bloch: Protecting your clients from cyber crime

It is hard to write about cyber security without sounding overly scary, but that is because it is a scary subject. Platforms and other providers have reported more cyber attacks in the past year than ever before, and financial advisers are also an obvious target. One of the most common attacks is the fraudulent email. […]

The Investment Clock: Keep calm and Macron!

Trevor Greetham, Head of Multi Asset In a marked contrast to the surge in risk sentiment that followed President Trump’s election in November, markets greeted Emmanuel Macron’s victory in the French presidential election with satisfaction and relief, rather than euphoria. After rallying strongly on opinion polls that accurately predicted the outcome, the euro held onto […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Leave a comment