UK Banks Under-Reporting Successful Cyber Attacks: Regulator

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.

“Our suspicion is that there’s currently a material under-reporting of successful cyber attacks,” Megan Butler, the FCA’s director of supervision, said in a speech Tuesday, according to a copy of her remarks on the regulator’s website. “The number of breaches relayed back to us looks modest when you set it against the number of attacks on the industry.”

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 percent of attacks reported to the regulator,

Read more at: https://www.insurancejournal.com/news/international/2017/12/07/473399.htm

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