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Jersey Regulator Surveys Cyber Security Readiness

by Amanda Banks, Lowtax.net, London
07 September, 2017

A third of Jersey financial services businesses are not prepared for a cyber incident, according to a cyber security survey of 129 firms conducted by the island's financial services regulator, the Jersey Financial Services Commission.

The survey found 32 percent of local financial services companies who responded did not have a cyber incident response plan in place, while a third of respondents did not have a documented risk-assessment of cyber security risks for their firm.

The survey also revealed the top threats perceived by companies are unintentional or deliberate information leaks, fraud, malicious code, and social engineering attacks.

The Commission undertook the survey to establish the overall maturity of local financial businesses' cyber security practices. The regulator identified a cross-section of 75 licensed firms who were required to complete the survey, while a further 54 volunteered to respond to the 42 questions.

John Harris, Director General of the Commission, commented: "On the whole, the findings of our survey were mainly positive. The areas of concern are the relatively large proportion of firms that are yet to make cyber security a business priority and the significant number that are not implementing controls around third parties, such as contractors, suppliers, and customers."

The Commission says it is further developing its own cyber security strategy in addition to devising a bespoke toolkit for its supervisors so they can better oversee and monitor local firms in this regard.


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