FCA survey reveals significant increase in tech failures
Cyber incidents represented 18% of incidents reported to the FCA in year to October, despite firms appearing confident with current systems and processes
The UK’s Financial Conduct Authority recorded a 187% increase in technology outages at financial firms between January and October, with cyber incidents representing 18% of those reported, according to one of the regulator’s top officials.
“On the basis of the data that the FCA is currently collecting, we see no immediate end in sight to the escalation in tech and cyber incidents that are affecting UK financial services,” said Megan Butler, executive director of supervision at the FCA, in a
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