FCA Issues Insights on Cyber Resilience Practices in Financial Sector

Since 2017, FCA has brought together over 175 firms across different financial sectors to share information and ideas from their cyber experiences. FCA runs the Cyber Coordination Groups (CCGs) with industry to help improve cyber-security practices among members of the CCGs and their sectors. Over the last year, the groups have been discussing and sharing practices in the areas of Governance, Identification, Protection, Detection, Situational Awareness, Response and Recovery, and Testing. FCA has collated the examples shared by firms and set out those it considers to be beneficial for a wider audience under each of these themes:

• Putting good governance in place
• Identifying what needs to be protected
• Protecting assets appropriately
• Using good detection systems
• Being aware of emerging threats and issues
• Being ready to respond and recover
• Testing and refining defenses

The insights in this publication may be relevant for small and medium-size firms. However, FCA encourages all firms to consider whether these insights may be useful to them. FCA warns that this document should not be considered as FCA guidance, as it does not set out the FCA expectations about what systems and controls firms should have in place to comply with its regulatory requirements. However, many of the shared examples support existing guidance from the National Cyber Security Center. 

Related Links

• Notification
• Industry Insights on Cyber Security (PDF)

Keywords: Europe, UK, Banking, Securities, Insurance, Cyber Resilience, Cyber Risk, Cyber Security, Regtech, FCA