The UK's Financial Conduct Authority stated that it strongly recommends that “systems and controls” are set up by financial institutions to protect against an expected increase in Russian cyber threats.
As part of the ongoing war between Russia and Ukraine, many financial management firms have imposed sanctions on the Russian market including Liontrust and BNP Paribas Asset Management.
On 22 February 2022, the UK’s Financial Conduct Authority stated that it expects firms to have established “systems and controls” to counter the risk of further financial crime.
Ian McKenna, director at the Financial Technology Research Centre director said: “Given the financial restrictions being put on the country there must be a high risk that they will attack the institutions that are being used to impose sanctions and freeze assets.”
Beyond Encryption chief executive officer Paul Holland supported this position: “That’s not beyond the realms of reality to suspect that the activity will be increasing, given the sums of money involved and the fact the financial services market is such a huge contributor to the UK GDP. Just because you’re potentially a smaller intermediary doesn’t mean you’re not dealing with large transactions.”
Furthermore, the National Cyber Security Centre has issued guidelines for how organisations should boost their defences: NCSC advises organisations to act following Russia’s… – NCSC.GOV.UK
Back to Blog