The City watchdog has sent 4,430 of its employees on compulsory cyber and information security courses over the past two financial years, to help combat the growing threat of financial crime.
The data was obtained by think tank Parliament Street, having submitted a Freedom of Information request.
The Financial Conduct Authority (FA) also revealed that 217 participants were enrolled into locally organised security courses for more advanced training.
The additional training courses included cyber security training with a counter threat unit; software and cyber security development programmes, and additional courses titled ‘The Cyber Security Degree: the Next Step in Cyber’, and ‘The First Byte’.
However, the exact content of the programmes is unclear, as is the number of attendees who took part in each session.
“Investing in the latest cyber skills training is essential, especially for an organisation tasked with investigating financial crime, money laundering and upholding regulatory standards,” said Wayne Johnson, chief executive of regulatory compliance software provider Encompass Corporation.
“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 also shows the huge investment regulatory authorities are putting in place to hold organisations to account.”
It recently emerged that the FCA’s financial services register may have been hacked, pertaining to now-defunct peer-to-peer lender Collateral.
According to The Times, Collateral told prospective investors it held an “interim permission” for regulated activities and the FCA’s register showed this appeared to the case.
Someone changed the name on Regal Pawnbroker, a separate business where Collateral’s founder Peter Currie was a former director, to make it look like Collateral held the permission instead.
FCA chief executive Nikhil Rathi told the Treasury committee that that specific issue has been tightened very considerably and the FCA is investing to keep ahead with cyber security.