4,430 FCA Staff to Undergo Cyber Training

The Financial Conduct Authority (FCA) has sent 4,430 of its employees on compulsory cyber and information security courses over the past two financial years – (FY 19-20 and FY 20-21) – to help combat the growing threat of financial crime, such as money laundering and fraud, according to official figures.

This data was obtained via The Parliament Street think tank under the Freedom of Information (FOI) Act. The FCA revealed that as well as the ‘Cyber and Information Security’ eLearning course, which is compulsory for all staffers to complete, 217 participants were also enrolled into locally organised security courses for more advanced training.

The additional training courses included Cyber Security training with a Counter Threat Unit; Software and Cyber Security development programmes, and additional courses titled ‘The Cyber Security Degree: the Next Step in Cyber’, and ‘The First Byte’. It is unclear how many of the total attendees for the locally organised training courses had attended multiple sessions, or what the programmes specifically involved.

Regulation expert Wayne Johnson, CEO, Encompass Corporation comments:

“Investing in the latest cyber skills training is essential, especially for an organisation tasked with investigating financial crime, money laundering and upholding regulatory standards.

With a surge in newly launched FinTechs, alongside expanding traditional banks, the FCA has a complex remit that requires the highest technical skills in order to investigate and enforce. This data also shows the huge investment regulatory authorities are putting in place to hold organisations to account.

For banks, financial services firms, and start-up FinTech companies, a failure to follow strict AML and KYC rules could lead to severe financial penalties, so getting compliance right from the outset is a must. Key to this effort should be investing in the latest solutions to easily automate KYC, while understanding and adhering to evolving financial regulations, to allow the organisation to grow without fear of breaching mandatory compliance legislation.”

About alastair walker 6824 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.