Cyber attacks are a national security concern in the UK. While individuals can be victims of such attacks, private sector institutions are often the direct targets. Cyber attacks can critically damage a commercial reputation and a firm’s infrastructure. Cyber crime is an international and cross-border issue. In response to the threat from cyber criminals, financial sector regulators are working together on a cross-border basis to help strengthen cybersecurity in the financial sector.

Businesses operating in the financial services sector have been experiencing year-on-year growth in the number of cyber attacks to which they are subject, together with an increase in the costs associated with successful, or partially successful, cyber attacks. Financial services firms are faced with the challenge of defending against continually evolving and sophisticated threats.