The UK’s Financial Conduct Authority (FCA) has reported that last year, cyber incidents have risen by 52%.
A total of 116 reports were received to the FCA of material cyber security incidents in 2021, defined by the FCA as incidents that can cut off access to IT systems and result in significant losses of data.
Of the 116 reported cases, 65% were classified as ‘cyber attacks’. It’s also estimated that a third of companies’ confidential personal data information may have been compromised, as well as one in five incidents involving ‘ransomware’, according to the FCA.
These spikes in figures suggest that the FCA are concerned with the rise of incidents, as figures moved up from 76 incidents in 2020.
The firm which collated the data, Picus Security, believes the recent findings are a ‘concerning trend’.
“The large rise in cyber incidents reported to the FCA in 2021 is a concerning trend and should serve as an important reminder to all firms about the need to make ongoing improvements in all areas of security,” states Suleyman Ozarslan, Picus Security Co-Founder.
The FCA has become diligent in its awareness of financial protection for businesses and banks. The authority previously warned those who could be affected by Crypto ATMs, as they believe they should not be operating within the UK.
Ozarslan added: “Financial services firms are amongst the best prepared and most highly capable organisations at detecting and responding to cyber incidents.
“Yet, despite investing heavily in security and data protection, it’s clear that many continue to experience challenges in these areas.”