Banks must build up stronger defences against cybercrime

Monday 26 January 2015 10:03 CET | News

Britain’s banks must do more to protect themselves and the financial system from evolving cybercrime, a recent report unveils.

Bank of England conducted a survey on 36 financial companies and banks in Britain and found no immediate critical shortcomings in their defences. The Bank is currently discussing the results of self-assessment questionnaires sent out to 36 companies that make up the ‘core’ of the UK financial system. This includes UK-based and foreign banks active in London as well as payment and settlement systems, clearing houses and exchanges.

To meet the challenges, banks need to adopt a more rigorous approach to infrastructure testing and ensure that all parts of the organisation understand the importance of good cyber security practices. The central bank is encouraging all companies in the sector to take part in the CBEST testing programme, which exposes banks to a series of simulated attacks that mimic real world threats.

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Keywords: online fraud, online security, cyber security, data protection, cybercrime, UK, banks
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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