UK-based financial institutions have witnessed a nearly fivefold increase in cyber attacks last year compared to 2017, according to the Financial Conduct Authority (FCA).

Overall, the number of reported incidents to FCA increased from 25 in 2017 to 145 last year.

UK bank cyberattack report

According to the FCA report, the investment banks reported the maximum number of incidents with 34 from three in 2017.

The retail banks suffered 25 cyber attacks in 2018. In 2017, the number of reported incidents in retail banks was just one.

The cyber attack data were received through a freedom of information request by the law firm RPC, reported The Financial Times.

The sharp jump in the number of reported incidents is primarily attributed to the introduction of the EU’s General Data Protection Regulation in May last year. The regulation requires all the banks to report such attacks and breaches within 72 hours.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

However, major banks and payment firms have said that cyber threats have drastically increased in recent times.

“We are seeing a lot more threat actors knocking at the front door . . . it ranges from individual kids to, increasingly, the criminal fraternity and national states,” one bank official was quoted by the publication as saying:

“You have to constantly improve to keep up and protect yourself.”

In April last year, multiple retail banks were forced to restrict their operations following sustained cyber attacks.