FCA Consultation on Fees & Levies for 2024/25

Members may have seen that the FCA issued their annual consultation on the fees charged to firms on Tuesday 9th March – AMI comments…

Consumer Duty has made vulnerability about ‘characteristics’ rather than ‘binary’

Chloe Timperley’s comments from the British Specialist Lending Senate 2024 regulatory expectations around vulnerability…

Your March update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his March update, including the Mortgage Charter and the FCA annual business plan…

Sexism in the City feedback: recommendations for firms

The feedback report for the September Sexism in the City paper has been released. We are cited in the report, relating to our event code of conduct…

AI will not replace ‘divergent or creative’ thinking

Chloe Timperley’s comments from the British Specialist Lending Senate 2024 on generative AI and regulatory expectations around vulnerability…

Mortgage Brokers: The climate is changing, should you?

The Mortgage Climate Action Group (MCAG) is delighted to invite you to its upcoming webinar: ‘The Climate is Changing, Should You?’ on 18th March at 10am…

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‘Biggest cyber risk is complacency, not hackers’ – ICO message

Developing,Network,Security,System.,Internet,Data,Security,Concept.,Businessman,Using

The ICO’s message comes after the ICO issued a £4.4m fine to a Berkshire based construction company, after an employee forwarded a phishing email (that was not quarantined or blocked by the IT system) to another employee who opened it and downloaded its content, resulting in installation of malware onto the employee’s workstation.

Whilst the firm’s anti-virus software quarantined the malware and sent an alert, the firm failed to thoroughly investigate the suspicious activity meaning the attacker still had access to the company’s systems. As a result, personal data of up to 113,000 individuals was encrypted by the hacker.

Lessons learned from this case include:

  • The importance of following up on alerts of suspicious activity.
  • Ensuring software systems and protocols are regularly updated.
  • Providing regular staff training.
  • The use of secure passwords and multi-factor authentication.

The increase in the cost of living is likely to result in an increase in phishing attempts, so firms and advisers should remain vigilant. Click here to read the National Cyber Security Centre guidance on how to defend your organisation against phishing attacks.

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