Asset management bosses have limited knowledge of cyber risks, FCA warns

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Asset management bosses have limited knowledge of cyber risks, FCA warns

After conducting a multi-firm review, the regulator found that company bosses are instead likely to delegate responsibility for cyber security to their IT departments. This could limit the extent to which IT strategies are independently challenged, according to the FCA, which said cyber security should be the responsibility of a “business as a whole”.

On specific cyber threats, the review found, for example, that some boards had not considered the risk that their firms could be used as a conduit to damage other businesses.

“All the firms acknowledged the importance of strong cyber security, but there were different degrees of understanding of the many potential ways that weak cyber security could affect business activities and lead to harm to clients and the wider markets,” the FCA said.

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These first ever benchmarks prove good cyber governance matters to shareholder value. They measure stock market performance of companies with good and with bad cyber governance scores. Scores are based on Cyberhedge’s proprietary cyber governance rating methodology. Market performance is tracked by an independent firm. The results show that companies with good cyber governance outperform their peers in US, UK, and EU markets.

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