UK 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, writes Suzi Ring.
“Our suspicion is that there’s currently a material under-reporting of successful cyber attacks,” Megan Butler, the FCA’s director of supervision, has said.
“The number of breaches relayed back to us looks modest when you set it against the number of attacks on the industry,” she said.
The number of material attacks reported by firms to the FCA has grown to 49 this year from five in 2014, as hacks become one of the biggest threats to the safety of the financial services industry. The type of hacks is also increasingly concerning for regulators and firms with ransomware making up 17% of attacks reported to the regulator, according to Ms Butler.
The FCA opened an investigation in October into the hack