FCA has shared a broad overview and insight into the discussions held at its quarterly Cyber Coordination Group (CCG) meetings in 2020.
In 2020 FCA convened 157 firms in 7 CCGs, with each CCG representing a specific sub-sector. The 2020 CCG sub-sectors were: Insurance, Investment Management, Fund Management, Retail Banking and Payments Firms, Retail Investments and Lending, Brokers/Principal Trading Firms and Trading Venues/Benchmark Administration Firms.
Key insights discussed in the publication are:
- major cyber threats and risks that CCG member firms have been faced with;
- zero Trust Security models and Artificial Intelligence identified by CCG firms as some of the emerging fields within cyber-security;
- the strain on cyber-security teams and systems as a result of the shift to remote working; and
- common good practices that can be used to mitigate supply chain risks.
FCA’s aim in sharing these insights is to help firms share knowledge and discuss good practices in protecting themselves from cyber threats.