FCA Evaluates Firms’ Cyber Resilience

Cyber resilience is an important concern of the U.K. Financial Conduct Authority (FCA). In 2017 and 2018, at the request of the FCA, several hundred financial services firms completed a cross-sector self-assessment survey of their cyber resilience or technological resilience. At the same time, the FCA also conducted informal interviews with directors and senior managers of 20 asset management and wholesale banking firms. This article summarizes the key takeaways from the survey and its associated findings. See “FCA Head of Technology Outlines Regulator’s Cybersecurity Expectations and Three Key Lessons for Fund Managers” (Feb. 22, 2018). For a comparison of the FCA and SEC stances on cybersecurity, see our two-part series “Navigating FCA and SEC Cybersecurity Expectations”: Part One (Jan. 7, 2016); and Part Two (Jan. 14, 2016).

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