Cyber-crime fears are highest for UK and US bankers

According to a research by Pwc, banks are seen as prime targets for financial crime, particularly cyber-crime, and this has now eclipsed fears of an economic slump or the fallout from intense regulation among the UK banking community.

The hacking threat is also a concern globally as cyber criminals target the weak links in a closely interwoven worldwide banking system. Among the 672 bankers, banking regulators and close observers of the banking industry in 52 countries who participated worldwide, criminality was second on the list behind fears of economic volatility.

In the UK, doubts surrounding the ability of banks to manage the growth in crime are also under question, as shown by strong concern about the quality of technology and risk management systems.

The UK results resemble those of North America where the Americans and the Canadians are more concerned with criminality than with the macro-economic outlook, possibly because of stronger economic growth. Generally, the UK responses produce a picture in which many of the crisis-related risks (credit, liquidity, capital etc.) and the public sector aftermath (political interference, excessive regulation), are beginning to ease.