CARNEY WARNS THE UK'S FINANCIAL SERVICES SECTOR AGAINST THE DANGER OF A CYBER-ATTACK
On the 10th anniversary of the financial crisis, the Governor of the Bank of England has warned the global financial community not to become complacent. One of the four risks he outlined to the UK’s financial services sector is a catastrophic cyber-attack.
Commenting on this, Joe Hancock, Cyber Security Lead at Mishon de Reya says:
“Cyber risks such as those described here are very serious, but their likelihood can be overstated. You are more likely to see banks' IT systems fail as a result of human error or bad planning than you are to see an attack that renders them unable to operate.
In fact the majority of cyber attacks are stopped by simply doing the basics - hard when you are a large banking institution, but equally hard if you are a small to medium business which forms part of the financial services sector.
This isn’t to say cyber attacks aren’t serious. A digital economy is highly vulnerable both to cyber crime and to nation states that may be looking to destabilise the country that economy is linked to.
We firmly believe that all sectors of the economy need to take cyber security more seriously and that more funding is needed across all sectors to improve security.”
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