The UK’s financial regulator has told British companies to strengthen their cybersecurity systems, amid fears Russia’s invasion of Ukraine may spark an increase in hacking.
The Financial Conduct Authority (FCA) said firms should take measures to boost their resilience to cyber attacks and be wary of people sharing false information on social media.
The comments comes after the UK government’s Minister for Tech and the Digital Economy, Chris Philp, warned the war in Ukraine may lead to a rise in cyber attacks, as he urged British companies to boost their cybersecurity.
Speaking at the Digital City Festival in Manchester, Philp said: “On Ukraine, I would like to take this opportunity to highlight the potential for a heightened threat of cyber attack. I urge all public and private sector organisations to redouble their work on cyber security and be extra vigilant to the risks of cyber attacks at this time.
Last week, ratings agency Fitch also warned that cyberattacks on businesses and government agencies have increased, following Russia’s invasion of Ukraine, as it warned that companies that deal with Russia may be particularly at risk.
The UK’s financial watchdog also called on companies to report any cyber attacks or hacking incidents, as it offered to “work to minimise harm to consumers, markets and the wider UK financial sector” by offering “specialist expertise”.
The FCA added that firms should consider the impacts of sanctions on their supply chains and business, as it said UK companies should ensure their contingency plans are up to date.