UK Financial Services: Supply Chain Attacks Surge Amid Brexit Regulatory Jitters
UK financial services firms are in a pickle, with 58% suffering supply chain attacks in 2024. Almost half only assess third-party risk at onboarding, which is like checking for leaks after the boat has set sail. Meanwhile, Brexit woes continue, as 92% want UK regulations to mimic the EU’s for digital resilience.
Hot Take:
When it comes to cybersecurity, UK financial firms appear to be living on the edge, playing a high-stakes game of Russian Roulette with third-party suppliers. Who knew that “C” in “CISO” stood for “cavalier”? Let’s hope they don’t ask their Magic 8-Ball about risk management strategies, or we might all end up in the red.
Key Points:
- 58% of large UK financial services firms faced at least one third-party supply chain attack in 2024.
- Close to half only assess third-party risk during initial onboarding, with only 14% using continuous risk assessment tools.
- The EU’s cybersecurity regulations are perceived as more robust compared to the UK’s, causing concern among UK CISOs.
- 92% of financial firms want UK regulations similar to the EU’s DORA for better digital resilience.
- The UK has introduced the Cyber Security and Resilience Bill to align closer with EU standards, but optimism remains tentative.
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