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FCA Blasts Financial Firms' Cybersecurity Complacency

Law360, London (December 11, 2018, 6:56 PM GMT) -- The Financial Conduct Authority has warned that bosses at some of the U.K.’s largest asset managers and banks lack the knowledge to tackle cybersecurity issues effectively.

Most boards lack the understanding of cyber risks in their sector and there is limited understanding of how poor cybersecurity can harm investors and the wider financial markets, the FCA said Monday as it published the findings of a multi-firm cyber review.

“Although boards and management committees were more sensitive to the topic than in the past, most continue to have limited familiarity with the specific cyber risks their organizations face,” the study said....

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