Our survey says ... a guide to cyber resilience in the financial sector

As one of the most targeted industries, cybersecurity remains a growing risk for financial services. How can we respond to the risks posed by cyber incidents? Charlotte Witherington and Daniel Hirschfield explore the key lessons for central banks, regulators and policymakers from two cybersecurity surveys of the International Monetary Fund.

Charlotte Witherington is a partner and head of the UK Financial Services Regulatory Group at Taylor Wessing, where Daniel Hirschfield is senior counsel (Knowledge). Contact them on c.witherington@taylorwessing.com and d.hirschfield@taylorwessing.com.

It may come as no surprise to learn that cyberattacks in the financial sector have been increasing in recent years, with the annual financial firm loss from cyber incidents rising from approximately $300 million in 2017 to approximately $2.2 billion in 2021 and the share of attacks from the financial sector growing more than twofold in the last decade. [1]