FCA: Banking and asset management firms lack knowledge to tackle cyber risks

The City watchdog says firms tend to dump responsibility on their IT operations.

The FCA warned that top bosses in banking and asset management lack the knowledge to tackle cyber security issues effectively (PA)

By Maryam Cockar, Press Association City Reporter

The City watchdog has warned that top bosses in banking and asset management lack the knowledge to tackle cyber security issues effectively, and tend to dump responsibility on their IT departments.

In a multi-firm review, the Financial Conduct Authority (FCA) found that most board members of wholesale banking and asset management firms “have limited familiarity with the specific cyber risks their organisations face”.