Four separate cyber attacks on wealth management firms were reported to the Financial Conduct Authority (FCA) in 2016.
Following a Freedom of Information Request to the FCA, the regulator told Wealth Manager that two were ransomware attacks. Ransomware attacks are basically ‘cyber blackmail’ which force the victim to pay a ransom to decrypt their data and regain access to their systems.
One of these attacks hit the Argyle Financial Group, according to FCA records
Another financial organisation was hit by a distributed denial-of-service (DDoS) attack which make websites inaccessible by overwhelming them with bursts of messages and requests.