UK Finance Firms Told to Beef Up Buffers Against CrowdStrike-Like Events

October 31, 2024

LONDON (Reuters) - Financial companies in Britain must prepare to ensure they can deliver business services in "severe but plausible" scenarios, such as a global tech outage, to minimise any impact on consumers and markets, the markets regulator said on Thursday. In a statement outlining what lessons could be learned after U.S. cybersecurity firm CrowdStrike's botched software update caused global chaos in July, the Financial Conduct Authority (FCA) said unregulated third-party problems were the leading cause of operational incidents reported between 2022 and 2023. CrowdStrike's popular core technology, the Falcon platform, detects and ...