UK Banks Bothered More By Cybercrime Than Credit

By PYMNTS | June 12, 2013

Andrew Haldane, the director of financial stability for the Bank of England, commented that top UK banks are fearful of a rise in cybercrime and economic malaise, reported Finextra.

Haldane admitted that previous meetings with financial sector officials and five of the biggest banks in the UK primarily focused on economic issues and associated liquidity problems. However, since recent sophisticated cybercrime attacks have hit U.S. banks, the next financial meeting will center on large-scale cyber attacks. Regulators and government members will discuss strategies to protect accounts and avoid future threats.

Haldane said they will, “take a close look at the state of the preparedness” of big banks in terms of cyber-attack security.

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