Cyber latest: Banks failing to take cyber-crime seriously, report claims

June 15, 2016

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A story in the Financial Times this month has claimed that the UK financial sector must to more to combat cyber crime.

Lobby group TheCityUK has claimed that outside a handful of businesses, not many banks are taking the necessary steps to improve cyber security within the sector, in spite of them providing ‘the perfect target’ for hackers.

Describing cyber crime as a ‘large, systematic risk’, John McFarlane, chairman of Barclays and of TheCityUK added that more had to be done by individual firms alongside the industry collectively.
Training 2000’s cyber security head Sarah Green commented: “It is true that the financial sector is an extremely lucrative target for cyber criminal, both in terms of the large amounts of sensitive data they possess alongside the obvious financial incentives for launching an attack.

It is crucial that banks, like businesses across every sector, take the necessary steps now to make themselves more cyber secure, or they risk playing catch up with hackers intent on causing financial and reputational harm.

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