FCA says firms ignoring cyber security basics

The report came after cyber experts warned that improvements to banks’ cyber systems could displace some of the threats onto other sectors, such as financial advice businesses.

Simon Torry, a chartered financial planner with Essex-based SRC Wealth Management, said: "It is something that's definitely on our radar. We are undertaking a review of our data storage at the moment.

"We are doing some due diligence on our service providers. We use cloud storage so we are looking into those to recheck what security they have in place."