National Cyber Security Centre to be consulted as experts
The Bank of England and the Financial Conduct Authority have informed financial service firms that they have till the 5 of October to report on how they plan to respond to risks such as cybersecurity attacks.
In a report produced jointly by the Financial Conduct Authority (FCA) and the Bank of England (BoE), they highlight that: “A resilient financial system is one that can absorb shocks rather than contribute to them,” and that “Dealing with cyber risk is one important element of operational resilience.”
“The financial sector needs an approach to operational risk management that includes preventative measures and the capabilities – in terms of people, processes and organisational culture – to adapt and recover when things go wrong.”
The report highlights the impact the fast pace of change technology is having and cites the “hostile cyber environment” as a key concern: “Additional challenges occur where firms operate internationally or outsource a significant level of activities to third…
