Your November update from AMI Chief Executive Robert Sinclair

AMI Chief Executive Robert Sinclair gives his November update, including AMI’s Protection Viewpoint, market conditions and future challenges for advisers…

Making the most of AMI Protection Viewpoint findings

AMI’s 2023 Protection Viewpoint report ‘The Perception Gap’ is packed full of findings and insight aimed at mortgage intermediaries…

Consumer Duty – an update

Key Consumer Duty developments and recent communications issued by both AMI and the FCA, with commentary on implications for mortgage intermediary firms…

AR regime – updated AMI Q&A and deadline reminder

Having heard back from the FCA, we have updated AMI’s Q&A documenton the AR regime. We also wanted to remind firms of the upcoming 30 November 2023 deadline…

FCA application window open for firms approving promotions for unauthorised persons

Firms that approve financial promotions for unauthorised persons have until 6th February 2024 to apply for approver permission from the FCA…

FSCS levy and compensation figures update

The FSCS has released an update on its levy and compensation figures for 2023/24, as well as anticipated levy figures for 2024/25…

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

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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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