Cyber and the City
Policy Briefing
Publication date:
15 June 2016
Last updated:
18 December 2023
Author(s):
Policy and Public Affairs
Report on cyber risk 'Cyber and The City', published by TheCityUK and Marsh argues that firms across the industry need to take urgent action on cyber risk to ensure the UK continues to be a secure base for the world's leading financial centre.
Cyber attack is a major new source of systemic risk, as much as market or credit risk. This briefing provides a headline summary of the key aspects of the report which sets out to provide practical steps that firms now take to make themselves and the system safe.
Following interviews with a diverse range of City institutions and authorities, analysis on the state of play in cyber risk management and the responses to other risks with the potential for extreme impact, 'Cyber and The City' provides a series of recommendations for financial firms in order to improve their cyber resilience;
Key recommendations for firms
A. Make cyber a standing item on the Board or risk committee agenda;
B. Ensure cyber risk is a part of strategy, investment cases, acquisition and appraisals;
C. Have a broad based team inputting to how cyber risk is managed;
D. Monitor cyber readiness against the ten-point cyber checklist.
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.