FCA Suffers Major Incident

 

The Financial Conduct Authority was hit this Friday afternoon by a “major IT incident” with many of its systems offline. This comes days after the City Watchdog urged financial companies to improve their defences against cyber risks.

At the FT Cyber Security Summit, Nausicaa Delfas, Director of Specialist Supervision at the FCA warned “Most attacks you have read about were caused by basic failings – you can trace the majority back to: poor perimeter defences, unpatched, or end-of-life systems, or just a plain lack of security awareness within an organisation. So we strongly encourage firms to evolve and instil within them a holistic ‘security culture’ – covering not just technology, but people and processes too.”

Less than 24 hours after Yahoo!’s disclosure on what is expected to be the largest data breach so far, we have little details on the cause of the outage at the FCA, but UK companies are currently not obliged to reveal when they are the target of cyber attack. This may change if subject to EU rules requiring disclosure of any data thefts from 2018.

 

Cyber Culture

A Cyber Culture of preparedness underpins the Cyberplus structured framework for assessing and managing risk, and enabling the transition of standpoint from reaction to anticipation, and Chris Parker MBE recently launched CyberPlus’ 4D Protection at a major data security event in Monaco.

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