UK banks hit by cyber-attacks in the last six months – Bank of England

Friday 29 November 2013 08:03 CET | News

Several UK-based financial institutions have been hit by cyber-attacks the last six months of 2013, which have led to disrupted services and financial losses, recent statistics point out.

According to data from Bank of England (BofE), the losses from these attacks have been relatively small so far but have exposed vulnerabilities which, if exploited, could be of significant cost and borne by a large number of institutions.

The BofE Financial Stability Report also indicates that the extent to which cyber-crime is moving up the agenda for banks. A quarter of respondents to the banks most recent systemic risk survey highlight operational risk as one of the main threats to UK financial stability. More than half of the 25% specifically cite risks from cyber-attacks, a problem barely mentioned just a year earlier.

The bank reiterated that it expects concrete action plans in place by Q1 2014 to deliver a high level of protection for core financial institutions.

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Keywords: UK, banks, Bank of England, Cyber-attack, online fraud
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime