Asset managers and traders flagged increasing numbers of IT failures and cyberattacks to the UK’s financial regulator last year, prompting the Financial Conduct Authority to add it to its list of big risks that could harm the industry and its customers in 2020.

In its yearly industry risk assessment, titled Sector Views and published on 18 February, the FCA revealed a 7% rise in the number of technology outages and cyberattacks across the City between 2018 and 2019.