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Operational resilience and outsourcing: what firms need to know

Stuart King looks at the growing threat of cybercrime and how firms can better manage operational disruptions. He gives examples of serious breaches and the regulatory responses, provides statistics and stresses the importance of operational resilience for boards and senior management

FS Focus June 2019 image - Key TopicBefore you begin to read this article, just let the following statistic sink in for a minute: the number of data breaches reported by UK financial service firms to the Financial Conduct Authority (FCA) increased 480% in 2018.

Yes, that’s not a typo. Reported breaches rose from just 25 in 2017 to 145 in 2018, according to research from law firm RPC. This is no longer a side issue to be handled by IT. And if firms don’t know that yet, then they’re in serious trouble.