Cyber issues on the FCA’s radar

As the financial system becomes ever-moreinterconnected and complex, responding quickly and effectively to cyberattackswill only get harder. Resilience depends on careful planning, says DavidRundle.

David Rundle iscounsel in WilmerHale’s United Kingdom white-collar defence and investigationsteam. Contact him on david.rundle@wilmerhale.com.

On 11 March 2020, the Financial ConductAuthority published new research on cyber security. The research is the productof its Cyber Coordination Groups (CCGs), which were created through an FCAinitiative in 2017. The CCGs bring together over 185 financial services firms,grouped by various sub-sectors. [1] They meet quarterly to discuss emergingcyber risks as well as share their views and experience on how best to addressthose risks. The content of those discussions is then fed back to the FCA. Theresearch, ‘Insights from the Cyber Coordination Groups’, [2] sets out some ofthe feedback from the CCGs across four specific themes: cyber risks, identityand access management, malicious emails, along with third parties and supply chains.