A review of the U.K. asset management and wholesale banking
sectors by the Financial Conduct Authority (“FCA”) has
found that regulated firms struggle to identify and respond to the
specific cyber risks facing their businesses.
In a report released on Monday 10 December (the
“Report”), the FCA detailed the findings of a
multi-firm review it conducted in late 2017 and early 2018 of 20
firms varying in size, structure and business model. The firms
surveyed had assets under management ranging from £15 billion
to £500 billion and services ranging from boutique offerings
to full-service models. The aim of the review was to help assess
how firms oversaw and managed risk in this area, how they
identified and mitigated risk and their capability to respond and
recover from attacks.
