Cybersecurity
U.K. Banks Aren't Telling Regulators About All Cyber Attacks
- Comments made in speech by FCA supervision head Megan Butler
- Cyber attacks have increased ten-fold in last four years
How to Manage Risk From Cyber Attacks
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U.K. banks still aren’t telling regulators about all the cyber attacks on the financial services industry despite a ten-fold increase in reports to the Financial Conduct Authority over the last four years.
"Our suspicion is that there’s currently a material under-reporting of successful cyber attacks," Megan Butler, the FCA’s director of supervision, said in a speech Tuesday, according to a copy of her remarks on the regulator’s website. "The number of breaches relayed back to us looks modest when you set it against the number of attacks on the industry."