Cyber-security testing in financial services
June 25, 2015 - Regulatory Updates
Cyber-security testing is a hot topic for 2015/2016 and as reported at the beginning of the year the UK and US have launched a ‘joint exercise’ which will focus on the financial sector. The SEC will undertake a second wave of cyber-security exams in the US Q3, with Barack Obama warning that the hedge fund industry remains a weak link in the financial services sector against hackers and terrorists. Following on from this, and according to HFMTechnology, The Central Bank of Ireland has also started an inspection programme to assess hedge funds and the financial services firms’ cyber-security preparedness. ‘The review will explore the controls around the security of firms’ systems and the procedures governing access to these systems’. As a result of the findings from the review the Central Bank will publish their assessment of regulatory standards in these areas and ensure appropriate action is taken if necessary.
If you want to learn more go to our article on 'FCA regulation on cyber security and asset management firms'.