Cyber-attack risk increasing for third time running: BoE survey

The proportion of financial services firms citing cyber-attack as a key risk has increased for the third consecutive time in the Bank of England’s Systemic Risk Survey.

The survey highlights perceived risks to the UK financial system. Although overall confidence in the UK’s system has increased, the number of firms who perceive cyber-attack as a risk has increased to 62 percent.

Finding new ways to mitigate this risk is a growing area of focus for financial services firms. The Bank of England is developing new guidelines to help firms demonstrate resilience against technology threats.

Financial services firms are increasingly moving away from a product-centric approach to cyber-security, according to technology solution provider World Wide Technology. Instead, they are focusing on compartmentalising and individually securing their critical applications, such as online banking or interbank payments, in order to prevent a domino effect if one area comes under attack. But due to legacy infrastructure, it can be difficult for financial institutions to gauge how applications are built into the network and communicating with each other in real-time, according to the company.

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