Cyber attacks are trending upwards; according to one source, the number of attacks increased by 38% year-on-year in 2022 and this trend continued into 2023. Just in the first half of 2023, we have seen two significant attacks against companies providing important services to a range of regulated financial firms in the UK and internationally.
More recently, a cyber attack on a US-based clearing house also had broader impacts on the financial sector. These attacks have brought into sharp focus the operational resilience of financial services and highlight the sector’s increasingly complex dependencies on third parties supplying technology, and the importance of strong risk management through the supply chain.
