In a FOI release the FCA stated:
“As at 20 December 2016, in the last 12 months we had received 78 cyber-attack reports which were on financial advice firms, of which 3 were ransomware attacks.
You should be aware that the FCA has no direct involvement in the network defence activities undertaken within these firms, but provided oversight to the appropriateness of the firm responses. “
Obviously from the advice issued in May 2017 even the slightest disturbance is now subject to a Principal 11 report….
IMHO that sets the bar way too low for a Principal 11 report but I’m sure they thought it through
However the FOI results were from last year, so I guess the question is just how bad were these cyber attacks that a Firm voluntarily got the FCA involved?
