The UK ’s Financial Conduct Authority ( FCA ) will be targeting financial services providers that fail to protect consumers from basic cyber risks or harm them with mistakes in their projects . The move prompted an investigation into outages at banks that left customers without access to services . FCA surveys of nearly 300 firms since last year showed a 138 % rise in tech outages , with cyber incidents up 85 % .
The UK’s Financial Conduct Authority (FCA) will begin punishing financial services firms that fail to protect consumers from basic cyber risks or harm them with mistakes in IT projects. The move follows an investigation into outages at banks that left customers without access to services. FCA surveys of nearly 300 firms since last year showed a 138% rise in tech outages, with cyber incidents up 18%.