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December 5, 2016

05 December 2016

FCA Outlines its Approach to Cybersecurity in Financial Services Institutions

A recent speech by the Financial Conduct Authority (“FCA”) Director of Specialist Supervision, Nausicaa Delfas, delivered at the Financial Times’ Cyber Security Summit, shows that the FCA, which is the leading financial services regulator in the United Kingdom, is taking the issue of cyber security seriously and that it believes new approaches are needed to combat the threat to financial services firms.

The FCA’s concerns are consistent with those being expressed by US banking regulators and the Group of Seven (G-7) industrial nations who agreed on a set of guidelines to combat cyber risks affecting global financial institutions.

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