Cyber security is the biggest concern among bosses in the financial sector, a new report has found.
According to research carried out by the Bank of England, more and more bankers are worried about the prospect of a data breach. The Systemic Risk survey found that cyber risk was a key concern for 46 per cent of finance bosses in the second half of 2015 – this is up from 30 per cent in the first half of the year and just 10 per cent in the last six months of 2014.
At the start of November the UK and the US announced they were carrying out cyber security stress tests to find out how well the two nations’ financial sectors would hold up if they came under attack. Together these stories show how pertinent an issue cyber security is perceived to be in the financial sector.
The Bank of England said: “Cyber-attack is a serious and growing threat to the resilience of the UK financial system.
“Cyber attacks have the potential to threaten the vital services that the financial system provides to the real economy. UK and international authorities have already taken action with regard to cyber risk. The Financial Policy Committee will receive a report on a work programme implemented by UK authorities by summer 2016.”
In 2013 a major cyber attack struck at the heart of South Korea’s financial sector. It had a major impact on ATMs and mobile internet banking, and the Bank of England stressed that this has provided a clear illustration of how important it is for banks to protect themselves against the risk of cyber attacks.