“Mixed picture” on information security

Information security represents a “material risk” to combating the financial crime objective, the FSA acknowledges in its recent report, “Countering financial crime risks in information security”, www.fsa.gov.uk/pubs/other/fcrime_sector.pdf. Although realized losses are low, it says, firms could be more proactive on fraud prevention. Senior management have a duty to give a lead on creation of an anti-fraud culture under SYSC 3.2.6R.