Cyber-attacks are on the increase: reminder of FCA and PRA expectations on regulated firms
June 30, 2022
It has been reported that, in 2021, the FCA experienced a 52% increase in reports of “material” cyber security incidents and we expect this upward trend to continue into 2022. The rise in ransomware in particular was highlighted in the very recent paper published by UK Finance, which called on UK authorities to focus on disrupting ransomware criminals and criminal networks.