GDPR and increased FCA requirements have helped drive reporting
Cyber attacks on financial services firms increased 12-fold in 2018, with 819 incidents reported to the Financial Conduct Authority (FCA) in 2018 compared to 69 in 2017.
And banks were the most frequently targeted, accounting from more than half of the reports (486). This was followed by whole financial markets, with 115 reports, and retail investment firms with 53.
Furthermore, there were 93 outright cyber attacks on financial services in 2018, with half accounted for by phishing expeditions and 20 per cent attributed to attempted ransomware.
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The figures were acquired by accountancy firm RSM under the Freedom of Information Act.
However, RSM cautioned that part of the reason for the big increase might be the raised awareness of IT security and breach reporting following the introduction of GDPR. The…
