FCA Report Shows Fivefold Increase In Cyber Attacks On Financial Services Sector

Following the news around the FCA announcing that it saw the number of data breaches reported to it grow fivefold from 2017 to 2018, Malcolm Taylor, Director Cyber Advisory at ITC Secure offers the following comment.

Malcolm Taylor, Director Cyber Advisory at ITC Secure:

“There’s no doubt that corporations are reporting more attacks; GDPR is a part of that. But there’s also no doubt that as attackers get more capable – and they are getting more capable – more attacks are getting through. We see from our own experience that, very often, companies who get hit aren’t doing the basics, let alone the more sophisticated. The lesson remains the same; understand the threat, understand your own controls and security maturity, and treat the cyber risk exactly as you would any other common business risk; manage it, actively, and lead it from the Executive level.” 

 

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