Smaller financial services firms may face the greatest threat of electronic financial crime, suggests an FSA report, because they are less likely to have systems in place to monitor and maintain security.
Details of the FSA’s Financial Crime Sector Report focuses heavily on the internal management systems of staff, technology and data designed to counter financial crime risks, to reveal smaller IFAs, insurers and brokers may not even be aware of the risks they face because there is often no centralised system for keeping software and passwords protection up-to-date, and new PDA technology does not yet have sufficient security to protect against attacks. The study itself was only conducted the security of information held in electronic format at 18 companies, and only one of those was an I...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
