WMA comments on US and UK cyber games – 16th January 2015

As the British Prime Minister David Cameron and US President Barack Obama meet to discuss the growing threat of cybercrime and the increasing risk to business, Liz Field, CEO of the Wealth Management Association, the trade body whose members manage £650 billion of private clients assets, welcomes the support and believes that it should remain at the top of the agenda of policy-makers.

She comments: “We welcome the support from Prime Minster David Cameron and President Barack Obama to help improve the resilience of British, European and American companies to the ever growing threat of cyber attacks. Businesses are increasingly playing a bigger role in tackling the evolving problem of cybercrime, with a particular emphasis on the risk posed to the financial services sector.”

She adds: “Business is increasingly global due to the growing reliance on technology and the internet. Companies remain vigilant in their day-to-day operations and have implemented a range of safeguards, such as anti-money laundering initiatives and the protection of valuable client data to safeguard clients.

The sector is well aware of the increased danger and is working in close collaboration with the authorities to support policy makers to counteract the threat.  The WMA itself sits on various cross-industry groups to develop guidance and have a specific conference on financial crime, as well as developing specific guidelines for members.”

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