On 17 May 2016, TheCityUK published a report on how to make the UK financial and professional services sector more resilient to cyber attack.
The report seeks to build on the work already done by the UK government and includes recommendations for practical steps financial firms can take individually, and collectively, to improve their cyber resilience.
Points of interest in the report include the following:
- Board checklist. The report sets out a ten-point cyber risk checklist for boards to put to management.
- Cyber forum. The report proposes that the financial sector sets up a cyber forum, which comprises of a steering group of board level cyber risk owners and a working group from the risk or the chief information security officer community.
- Recommendations to individual firms. These include making cyber risk a standing item on the board or risk committee agenda, ensuring that cyber risk is part of the firm’s strategy and having a broad based team inputting to how cyber risk is managed.
- Recommendations to the financial sector. These include working on systemic cyber risk reduction (such as information and best practice sharing, risk aggregation and sector resilience), encouraging support for the UK cyber security sector and encouraging the adoption of cyber standards in lending, underwriting and investment decisions to promote cyber security in the wider economy. TheCityUK also makes the case for cyber spend to be offset against industry-specific costs, taxes or levies as a way to catalyse private sector investment in raising system security.
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