CybSafe, the providers of a GCHQ-accredited cyber security awareness platform, announced that it has been selected by the Financial Conduct Authority (FCA) to help shape guidance on tackling the human aspect of cyber security in the financial services sector as part of the FCA’s 2018/2019 Business Plan.
The FCA will work with CybSafe to determine how it can measure and improve personnel security and culture within financial services organisations as part of the regulator’s commitment to improving cyber security in the sector. This will be accomplished through a blend of behavioural modelling software, psychology, behaviour change theory and advanced data analysis.
CybSafe will work with the UK’s financial regulator, to help assess the human cyber risk issue in the sector. The FCA will provide its member firms, encompassing 56,000 organisations, with best practice guidance and measurement support for tackling the human aspect of cyber security. Widely acknowledged by many as handling the most critical business and personal data, the financial services sector remains one of the most targeted industries, requiring stringent cyber security procedures and controls. Supported by cyber security guidance, formulated in partnership with CybSafe, the FCA will seek to establish industry best practice as far as the human aspect of cyber security is concerned.
Oz Alashe, CEO of CybSafe, said; “The FCA is committed to fostering a positive cyber security culture in the financial sector and this demonstrates the regulator’s forward-looking approach to cyber security. Cyberattacks are increasing in number, scale and sophistication, and pose a credible threat to financial services firms. The FCA’s 2018/2019 Business Plan makes it clear that addressing staff expertise and the impact of company culture in bolstering cyber security is a key priority.”
The priorities in the FCA 2018 Business Plan reflect the speed and variety of changes affecting not just the finance sector, but society as a whole. Recommendations from the year’s exercise will help firms become more resilient to cyberattacks, enhancing market integrity, and protecting consumers.
The FCA advocates a people-focused approach to staff awareness and training, where an organisation’s people are aware of their role in maintaining security and actively take part and contribute to improving cyber security. The partnership will see CybSafe’s award winning expertise and approach work in tandem with the FCA to help frame the issue and develop a view on what can be done to address it.
Alashe added; “The FCA is calling on financial organisations to demonstrate that they are doing all they can to address the human cyber risk. A positive cyber security culture can enhance an organisation’s capability to defend against, and respond quickly and effectively to cyberattacks. Both the FCA and CybSafe understand that cyber risk isn’t a solely technical issue. As well as having the right technology to protect, detect, recover and respond to threats, it is important to have the right staff training, organisational culture, and processes in place.”
The partnership is scheduled to continue for one year, with the guidance and updates provided over the period.