The City of London Police is launching a drive to make the Square Mile more resilient to cyber attacks, as the financial services sector sharpens its focus on defending against online criminals.
The Cyber Griffin initiative is being launched at the Investment Association’s first cyber security conference for the asset management industry — the sector the lobby group represents — in London on Tuesday.
As part of the initiative, specially-trained police officers will lead community-focused exercises, including threat briefings, intelligence sharing and incident response training.
City firms have been grappling with ways to ensure they are protected against cyber threats after high-profile attacks have increased awareness of the problem. These include the global WannaCry ransomware attack almost a year ago and the data breach at credit reference agency Equifax last summer.
The asset management sector is particularly focused on the issue, with the introduction of the General Data Protection Regulation next month. These European Union data privacy rules could land fund managers, which hold vast amounts of consumer data, with hefty fines if that information is compromised.