FCA explains how to respond to a cyber attack

The regulator reminded firms "material cyber incidents" must be reported under Principle 11 of its handbook. It said it has seen a 1,700% increase in reported cyber-attacks since 2014 and that two-thirds (66%) of medium to large businesses were subject to cyber attacks in 2016. "Cyber attacks are increasing in number, scale and sophistication, and pose a threat to all financial services firms," it said. "We expect you to be able to protect the sensitive information you hold." The FCA considers an incident to be "material" if it: results in a significant loss of data, or the av...