FCA Asked for Cyber Threats Briefing by Treasury Committee – 27th Oct 2014
The Treasury Committee has asked the Financial Conduct Authority to brief it on systemic cyber threats, as explained in a letter to the Bank of England asking for reassurances about its approach. The issue, raised with the FCA’s chief executive Martin Wheatley earlier at a public hearing, is gaining traction with the committee at a time when the JPMorgan data breaches in the United States have made its members concerned whether a cyber attack could bring the system down, a committee spokesman said, although he was not saying that incident was a direct cause of the committee’s approaches to the regulators. Andrew Tyrie, the committee chairman, wants to know not just about how the bank is handling cyber threats to the financial system, but also what the FCA is doing behind the scenes operationally about cyber risk, the spokesman said.
Alex Davidson, Compliance Complete