FCA awards £40m contract to strengthen cyber security
The Financial Conduct Authority (FCA) has awarded a £40m contract to 17 companies to monitor its cyber defences as it seeks to strengthen its online security in the wake of a series of high-profile attacks.
The companies, which include Deloitte, PwC, Cisco and KPMG, will be testing how good the FCA’s current cyber defences are, suggesting improvements and monitoring potential threats.
As part of the process, so-called attack teams will attempt to breach the FCA’s security controls to find out how it could be exploited and what data could be available to hackers.
It is the first time that the FCA has turned to external companies to help it with cyber security, according to Tussell, the data research company.
The contract runs until March 2021.
The move is part of a wider plan by the UK’s major financial institutions to put in place measures to keep the businesses running in the event of major disruption.