Computer Business Review: Financial Service Firms Need to Report Their Emergency Backup Plans

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National Cyber Security Centre to be consulted as experts

The Bank of England and the Financial Conduct Authority have informed financial service firms that they have till the 5 of October to report on how they plan to respond to risks such as cybersecurity attacks.

In a report produced jointly by the Financial Conduct Authority (FCA) and the Bank of England (BoE), they highlight that: “A resilient financial system is one that can absorb shocks rather than contribute to them,” and that “Dealing with cyber risk is one important element of operational resilience.”