Vital financial data used by the Financial Conduct Authority was unavailable for significant periods across the weekend, following a major data failure at the organisation.
In a statement released on its website the UK regulator revealed that a “major IT incident” occurred but that it was satisfied that the systems that it has in place, that allow data to be recovered, had worked correctly.
The initial incident took place on Friday with the FCA warning users on Friday evening that a “major IT incident” had taken systems offline. This led to some concerns that the UK’s regulator might have failed victim to a cyber attack.
The regulator declined to comment on what the exact cause was, nor when service will be resumed at the time only to state that: “We are working with our suppliers to restore services as soon as possible.”
‘Physical hardware incident’
It has since been revealed that the incident was due to a “physical hardware” issue.
The regulator admitted that despite the majority of its systems being operational, there was still work ongoing to fully update the organisation’s systems. The FCA’s online system for collecting and storing regulatory data from firms, called Gabriel, was among the systems affected by the hardware incident.
In its statement that was updated on Sunday, the regulator said: “There was a physical hardware incident at a supplier’s data centre on Friday; we put in place our recovery arrangements and they have operated as planned,” the statement read. “The majority of our systems are now operating again.”
The UK regulator has been vocal in the past warning financial institutions of the perils of data leaks and cyber attacks and has urged financial companies to ensure that it has adequate protection in place.