FCA Warns Banks On Cyber Threats, Expert Reaction

The FCA has warned financial firms to strengthen their cyber-defences amid worries of rising cyberattacks against banks.

Experts Comments

February 10, 2022
Fabien Rech
VP EMEA
Trellix

Financial institutions are facing rising cyber threats, and the warning from the FCA serves as a reminder that no business is safe from attack. We recently found that the financial services industry accounted for 22% of ransomware and 37% of Advanced Persistent Threat detections in Q3 2021. As cybercriminals adapt their methods to target the most sensitive data and services, FS firms must shore up their defences to mitigate further threats.

To do this, they must deploy a security strategy which

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Financial institutions are facing rising cyber threats, and the warning from the FCA serves as a reminder that no business is safe from attack. We recently found that the financial services industry accounted for 22% of ransomware and 37% of Advanced Persistent Threat detections in Q3 2021. As cybercriminals adapt their methods to target the most sensitive data and services, FS firms must shore up their defences to mitigate further threats.

To do this, they must deploy a security strategy which includes a living platform that can learn and adapt defences based on the threat. This platform generates and prioritises comprehensive threat insights from both outside and inside the company to adaptively strengthen detection, and it responds in real-time to active threats.  

As the threat of ransomware continues to grow, financial institutions must rely on technology that moves as quickly as the cybercriminals and can adapt in real-time to get ahead. Unfortunately, failing to take this approach only means opening themselves up to an attack.

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