Bank of England: UK banks hit by cyber attacks

The UK’s banks have been hit by cyber attacks over the last six months, including several that have led to financial losses, according to the Bank of England.

The bank’s Financial Stability Report says that cyber security is an area of concern to the country’s financial institutions after several attacks over the last few months.

It said: “Cyber attack has continued to threaten to disrupt the financial system. In the past six months, several UK banks and financial market infrastructures have experienced cyber attacks, some of which have disrupted services.

“While losses have been small relative to UK banks’ operational risk capital requirements, they have revealed vulnerabilities. If these vulnerabilities were exploited to disrupt services, then the cost to the financial system could be significant and borne by a large number of institutions.”

London’s banks recently tested their cyber defences as part of Operation Waking Shark II, which simulated an attack on their financial systems.

For more on the Financial Stability Report, see the Bank of England website.

How can you ensure that your business’ data and networks are protected against cyber attacks? Find out at The European Information Security Summit 2014.

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