The asset management industry suffers from a lack of expertise and preparedness with regard to cyber security, and is risking "serious harm to its clients" and the wider market, the FCA has warned.
In a multi-firm review of the asset management and wholesale banking sectors, the Financial Conduct Authority (FCA) also found an overreliance on third-party service providers and a lack of understanding of cyber risk from board and management level individuals. The firms selected varied in size, scale, operating models and geography, with the asset managers polled ranging from £15bn to £500bn in AUM, according to the regulator. The report found that boards and management committees "have limited familiarity with the specific cyber risks their organisations face", while "almost all" b...
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