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Tackling Cybersecurity Failures Is A Priority, FCA Says

Law360, London (April 25, 2019, 4:34 PM BST) -- Ensuring that financial markets can fight off the threat of cyberattacks and IT meltdowns will be a main supervisory priority in the coming years, the financial watchdog has said, after a series of technical failures created disruption at British banks.

The Financial Conduct Authority said on Wednesday that financial institutions should establish effective methods for identifying and managing cyberthreats such as data breaches and information technology failures. Lenders should also ensure that their business can continue uninterrupted if criminals successfully breach their security systems.

“Disruption from cyberattacks or technology failures can cause significant harm to consumers or markets through lost personal or...

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