Cyber and Technology Resilience: Themes from cross-sector survey 2017/2018

A survey, released in November 2018, of 296 firms by the FCA highlighted key areas of regulatory development going forward. Firms acknowledged challenges in managing their third parties. For example, third-party issues, such as an IT failure at an important supplier, accounted for 15% of the operational incidents reported to the FCA — this was the second highest root cause. As well, only 66% of large firms and 59% of smaller firms understood their third-parties’ response and recovery plans.