Financial Sectors
Essential Reading
Cybersecurity for Wealth Managers
Wealth managers manage an average of £450M AUM per adviser — making client account data extraordinarily valuable to attackers seeking to execute investment fraud or payment diversion.
Cybersecurity for Insurance Firms
Insurance fraud costs the UK £1.1B annually — a growing proportion enabled by cyber attacks on insurers, brokers, and policyholders' own systems.
Cybersecurity for Payment Firms
Under the PSR's mandatory APP fraud reimbursement scheme (effective October 2023), payment firms bear direct liability for APP fraud losses — up to £415,000 per claim.
Cybersecurity for Investment Banks
Investment banks are primary targets for nation-state cyber espionage — MNPI theft via cyber attack enables informed trading and constitutes market abuse under MAR regardless of how the information was obtained.
Cybersecurity for IFAs
FCA thematic reviews have found that the majority of small IFA firms lack documented cybersecurity policies, tested incident response plans, and adequate MFA — despite SMCR holding principals personally accountable.