It has been reported that a state-back cyber-attack poses a huge danger for UK banks. An attack of this nature could secretly corrupt the records of British financial institutions over a period of months, posing a risk that banks would probably struggle to guard against on their own.

Expert Comments:   

Andy Heather, VP at Centrify:  

“Today’s warning from the Bank of England underlines the huge risks cyber-attacks pose to the UK’s financial services industry, particularly when criminals are able to infiltrate organisations undetected.   

A key trend we’re seeing across Europe is malicious parties gaining access to critical systems using legitimate log-in credentials, which have either been stolen or sold illegally. This scenario can allow criminals to operate within an organisation’s infrastructure, seeking to gain access to privileged accounts, opening up a goldmine of data, right under the nose of the IT security team.   

Banks and financial services organisations need to wake up to this rapidly growing threat, adopting a zero trust approach to all users, at all times. This means never assuming employees are who they say they are, using layered security procedures and authentication through location, passwords and other factors to ensure the bad guys are restricted, before they can do serious damage. 

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