UK Finance Regulator Calls for Enhanced IT Preparedness in Financial Services

Monday, 4 November 2024, 14:20

Finance watchdog FCA emphasizes the need for businesses to strengthen their IT security measures. Recent incidents like the Crowdstrike outage highlight vulnerabilities within financial institutions. The regulator's call for action aims to mitigate risks associated with third-party dependencies.
Techradar
UK Finance Regulator Calls for Enhanced IT Preparedness in Financial Services

Delivering Stronger IT Resilience in Finance

The UK finance sector faces increasing challenges due to an over-reliance on unregulated third parties, leading to operational disruptions. The FCA's proactive stance emphasizes that financial institutions must adopt bbetter IT measures to tackle potential outages. A spotlight on the recent Crowdstrike outage serves as a reminder of the vulnerabilities that can impact business continuity.

Steps Towards Robust IT Preparedness

  • Strengthening Internal Protocols: Institutions must refine their IT protocols to ensure swift recovery from outages.
  • Risk Assessment: Periodic evaluations of third-party partners minimize exposure to cybersecurity threats.
  • Investment in IT Infrastructure: Now is the time for financial businesses to bolster their tech frameworks against any eventualities.

Failure to act on these recommendations could lead to severe disruptions impacting clients and stakeholders. The FCA is urging swift action to protect the overall integrity of the financial system.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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