FCA survey reveals significant increase in tech failures

UK cyber incidents increased 18% over past 12 months, despite apparent confidence in systems

Financial Conduct Authority

The UK’s Financial Conduct Authority has recorded a 138% increase in technology outages at financial firms and an 18% rise in cyber incidents, according to one of the regulator’s top officials.

“On the basis of the data that the FCA is currently collecting, we see no immediate end in sight to the escalation in tech and cyber incidents that are affecting UK financial services,” said Megan Butler, executive director of supervision at the FCA, in a speech yesterday. Butler, who was discussing the

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