On 6 May 2020, the FCA updated its COVID-19 information for firms web page by adding a section on information security.

The FCA notes that the COVID-19 pandemic has led to firms changing their ways of working and as employees are working from home, online systems are becoming increasingly mission critical and cyber criminals are exploiting the situation for their own gain.

The FCA expects firms to prioritise information security and ensure that adequate controls are in place to manage cyber threats and respond to major incidents. Firms should look to implement enhanced monitoring to protect end points, information and firm critical processes, including network connections and video conferencing software.

The FCA expects firms to proactively manage the increased risk during this unprecedented period including reviewing the impact of the pandemic on their information and systems security defences and taking action as needed.