FMA sets its sights on cyber security: a new to-do list for embattled financial services providers
All up, the sector reported 91 attacks, mainly involving phishing and credential harvesting. The next most-attacked industry groups were healthcare and special assistance (13 attacks) and manufacturing (12).
The Financial Markets Authority (FMA) cited these figures last week as it released a new cyber security information sheet for financial services businesses, setting out in detail its expectations about how cyberattacks should be prevented, contained and reported, and how harm to customers might be mitigated.
It warns that the financial services sector is a popular target for cyber criminals and the increasing digitisation of the industry makes it more vulnerable. Attacks are increasing in frequency, sophistication and severity, it says.
The information sheet is the second piece of cyber-guidance the FMA has released to financial services providers in the past three years and is by far the most prescriptive.
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