Bank of England ranks cyber attacks above Eurozone crisis as biggest threat

Cyber attacks have risen to the top of the list of threats for UK banks according to Bank of England’s director of financial stability, Andrew Haldane, but understanding and management of the risk is still at an “early stage”.

Speaking at a Treasury select committee on Wednesday, Haldane said that during recent meetings with the five top banks in the UK, four of the banks had claimed that the threat of cyber attack now present a major threat to their stability – more so than even the eurozone crisis.

However Haldane said that despite the awareness among leading banks, there was still a way to go in terms of fully understanding the risk presented.

SOURCE: computerworlduk.com