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Cyber-incident reports from UK finance sector spiked by 1,000% in 2018
July 2, 2019
There has been a sharp rise in the number of cyber-incidents reported by the UK's financial sector caused by hack attacks and other problems, according to official figures.
A Freedom of Information request to the Financial Conduct Authority revealed that the number of declared events rose from 69 in 2017 to 819 in 2018.
That marks a rise of more than 1,000%.
Consumer banks accounted for nearly 60% of the reports submitted to the watchdog last year.
The spike is likely to be driven in part by the introduction of the EU’s General Data Protection Regulation (GDPR), which introduced an obligation on all organisations to report certain types of security breaches.
But RSM – the tax and consulting firm that made the FoI request – said it also reflected the fact that there had been an increasing number of attacks on the industry.