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FCA Blames Too-Confident Bosses For Rise In IT Failures

Law360, London (November 27, 2018, 1:04 PM GMT) -- The FCA said Tuesday it is “deeply concerned” about the increasing number of technology outages hitting financial services companies, and cautioned that some businesses appear too confident about their ability to manage IT risks.

Megan Butler, executive director of supervision at the regulator, told an audience in London that many companies are failing to act on "dangerous or negative information." They do not appreciate the level of risk that cyberattacks and failures in information technology could have on the country’s financial systems, she warned.

“We are worried that a lot of firms seem overly confident about their ability to manage flagship...

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