UK Financial Services Cyber Attacks Rise Significantly

UK based financial services companies saw a significant rise in cyber attacks in 2018, the industry as a whole saw a five fold increase in attacks; according to the Financial Conduct Authority (FCA) there were 145 reported breaches in 2018, that is up from 25 in 2017; retail banks saw the biggest jump with just 1 reported in 2017 to 25 reported in 2018; big banks are feeling the pressure with two high street banks telling the FT that attacks were their biggest fear and you have to constantly improve to stay protected; banks are required to report a breach if they determine the attack had material impact, which is a significant loss of data or systems going down for a period of time. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.