The Wealth Management Association will be teaming up with the National Crime Agency to tackle the ever-important threat of cyber crime.

The Wealth Management Association will be teaming up with the National Crime Agency to tackle the ever-important threat of cyber crime.

The two UK bodies will be strengthening their relationship to protect the wealth management industry, which has lately suffered several high-profile cyber attacks – this includes last year's JP Morgan case, which saw a concerning amount of data being compromised by financial criminals.

“The WMA will be working closely with Toon [Donald Toon from the National Crime Agency], the Economic Crime Command and the NCA as a whole to ensure that these relationships are formed quickly and effectively and will endeavour to promote their continuation,” said Liz Field, chief executive of the Wealth Management Association, in a statement.

The association will be creating an information document seeking to educate and advise its 186 member firms on cyber crime. WMA's member firms manage over £650 billion (around $976.5 billion) of wealth in the UK, Ireland, Channel Islands and Isle of Man.