Information security risks highlighted by FSA

LONDON -- The UK's Financial Services Authority (FSA) says firms in its jurisdiction need to increase the amount of attention they pay to information security issues, in a new report, Countering crime risks in information security , which was published in November.

The FSA notes that while overall financial losses to information security breaches is low, "information security issues pose a material risk to our objective to reduce financial crime". It says that overall, firms "could be more active in managing information security risks rather than being reactive to events", and that although firms usually have policies in place, "associated procedures and role responsibilities have not always been comprehensive. Firms' management have not always updated

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