The Financial Conduct Authority has enrolled thousands of employees on cyber and information security courses over the past two years to help tackle the rising threat of financial crime.
A freedom of information request by The Parliament Street think tank revealed a total of 4,430 employees attended training courses between 2019 and 2021. As well as the Cyber and Information Security eLearning course, which is compulsory for all employees to complete, 217 participants were also enrolled into local organised security courses for more advanced training.
Wayne Johnson, CEO of Encompass Corporation, said investing in the latest cyber skills training is “essential”, especially for the FCA.
Johnson said: “With a surge in newly launched FinTechs, alongside expanding traditional banks, the FCA has a complex remit that requires the highest technical skills in order to investigate and enforce.
“This data shows the huge investment regulatory authorities are putting in place to hold organisations to account. For banks, financial services firms and start-up FinTech companies, a failure to follow strict anti-money laundering and know-your-customer rules could lead to severe financial penalties, so getting compliance right from the outset is a must.
“Key to this effort should be investing in the latest solutions to easily automate Know Your Client while understanding and adhering to evolving financial regulations to allow the organisation to grow without fear of breaching mandatory compliance legislation.”