Central Banking

FCA survey reveals significant increase in tech failures

A terrorist in a gas mask holding his hand up to a digital image

The UK’s Financial Conduct Authority recorded a 138% increase in technology outages at financial firms and an 18% rise in cyber incidents, according to one of the regulator’s top officials.

“On the basis of the data that the FCA is currently collecting, we see no immediate end in sight to the escalation in tech and cyber incidents that are affecting UK financial services,” says Megan Butler, executive director of supervision at the FCA.

Butler, who was reporting on the regulator’s latest

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