The regulator’s survey on tech and cyber resilience also found that cyber attacks accounted for 18% of the operational incidents reported to the FCA between October 2017 and September 2018.

Third-party issues – such as an IT failure at an important supplier – accounted for 15% of operational incidents.

Megan Butler, executive director of supervision – investment, wholesale and specialists at the FCA, said: “If your bank stops working, your life and business can be severely constrained.

“So you won’t be surprised to hear me say that the FCA is deeply concerned that the number of technology incidents reported to us has increased, with many outages linked to re-platforming and outsourcing failures.”

On how the FCA expected companies to handle IT issues, Megan said that it was happy for businesses to find solutions which worked for them.

“Some businesses, for example, use training and simulation exercises to stress test their IT.

“Others bring in third party advisors to support boards.

“Our own observation is that the most effective management of risk takes place in firms that employ a traditional ‘three lines of defence’ model.

“And where each of these lines is strong.

“Creating clarity and identifiable roles, as well as a natural check and challenge between them that promotes a healthy culture.”