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The impact of the UK’s Cyber Security Strategy on financial services

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Martyn Wilson
Martyn Wilson

Over the past few years, cyber attacks against major multinationals and nation states have increasingly dominated the news and political agenda. Concerns have been raised about potential cyber attacks against the UK and the impact they could have on government services and business. In addition, it has been reported that the Prudential Regulation Authority (PRA) and Bank of England are increasingly concerned about the impact of cyber attacks on the financial services industry. The PRA are preparing to increase their scrutiny of cloud providers, especially over the operational resilience of their services for the financial services industry.

Preparedness is key

As a result of the growing cyber threat from hostile states, the government launched the first-ever Cyber Security Strategy. The strategy sets out the government’s aim to ensure that critical functions, government organisations, and businesses are prepared for cyber attacks by 2025. This strategy has been echoed by the National Cyber Security Centre. who have updated their guidance on the steps that businesses should take to build their resilience and reduce the risk of an attack against their digital infrastructure.

This strategy is of particular importance to the financial services industry because Brexit has provided the opportunity for the UK to develop its position as a global financial hub, shining a spotlight on the industry around the world. The government regularly emphasises their support for the continued growth of the UK fintech sector, as set out in their recent paper “The Benefits of Brexit”. For the UK financial sector to take advantage of the opportunities provided by Brexit and grow its position as a global hub, it is vital that their data is secure and that their digital systems are prepared to withstand sophisticated cyber attacks.

Working together

At NetApp, we understand the concerns and impact of cyber attacks for the financial services industry. We work closely with our clients to provide flexible, secure cloud-based solutions that work for their unique business concerns. NetApp® systems protect both data and privacy, keeping businesses safe from malicious attacks. NetApp supports the government’s focus on cyber security throughout the UK and are ready to support the financial services industry in achieving world-class cloud security.

Martyn Wilson

Martyn Wilson is Head of Enterprise Sales, Financial Services, Insurance and Legal at NetApp. He is responsible for the go to market for NetApp's Financial Services vertical in the UK. His particular focus is on the ISV ecosystem, impact of Fintech and how the evolution of IT is allowing companies to consume technology and services in new, innovative ways to deliver greater value to their users and customers.

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