Senior bank staff fail to take cyber risk seriously, claims Bank of England

Security viewed as purely technical problem, despite high profile hacks

Senior bank staff are failing to take the threat of cyber attack seriously, the Bank of England has claimed, treating it as a purely 'technical' issue rather than addressing risks at board-level.

Minutes of the Bank's Financial Policy Committee hearing on 8 December highlighted the need for the financial sector to improve cyber attack resilience, after receiving self-assessment forms from major banks and financial market infrastructure firms.

The FPC noted a "tendency among firms to view cyber threats as a technical problem, rather than an issue which merits Board-level attention given the evolving nature of cyber threats and the key importance of cyber resilience to continuity of financial services".

Efforts were being made to agree "timetables for remediation", but the FPC, which is charged with reducing system risk to the sector, said that there was no evidence of any "critical shortcomings".

It also pointed to the launch of a security vulnerability testing framework, known as CBEST, in June, with some financial sector firms in advanced discussions to take part in the simulations.

Last week, the FPC published its 2014 'Financial Stability Report' which claimed that cyber attacks are a "key risk" to the UK financial sector, pointing to the theft of data on 80 million customers at US bank JP Morgan earlier this year.

It also said that banks were failing to take actions to reduce risk of both cyber attack and IT failures.

The Bank of England is also the target of frequent attempts to hack its into systems each week, with hactivists and nation states the most common culprits.


Join the CSO newsletter!

Error: Please check your email address.

Tags Bank of Englandsecurityfinanceindustry verticalsFinancial Services

More about JP MorganMorgan

Show Comments

Featured Whitepapers

Editor's Recommendations

Solution Centres

Stories by Matthew Finnegan

Latest Videos

  • 150x50

    CSO Webinar: The Human Factor - Your people are your biggest security weakness

    ​Speakers: David Lacey, Researcher and former CISO Royal Mail David Turner - Global Risk Management Expert Mark Guntrip - Group Manager, Email Protection, Proofpoint

    Play Video

  • 150x50

    CSO Webinar: Current ransomware defences are failing – but machine learning can drive a more proactive solution

    Speakers • Ty Miller, Director, Threat Intelligence • Mark Gregory, Leader, Network Engineering Research Group, RMIT • Jeff Lanza, Retired FBI Agent (USA) • Andy Solterbeck, VP Asia Pacific, Cylance • David Braue, CSO MC/Moderator What to expect: ​Hear from industry experts on the local and global ransomware threat landscape. Explore a new approach to dealing with ransomware using machine-learning techniques and by thinking about the problem in a fundamentally different way. Apply techniques for gathering insight into ransomware behaviour and find out what elements must go into a truly effective ransomware defence. Get a first-hand look at how ransomware actually works in practice, and how machine-learning techniques can pick up on its activities long before your employees do.

    Play Video

  • 150x50

    CSO Webinar: Get real about metadata to avoid a false sense of security

    Speakers: • Anthony Caruana – CSO MC and moderator • Ian Farquhar, Worldwide Virtual Security Team Lead, Gigamon • John Lindsay, Former CTO, iiNet • Skeeve Stevens, Futurist, Future Sumo • David Vaile - Vice chair of APF, Co-Convenor of the Cyberspace Law And Policy Community, UNSW Law Faculty This webinar covers: - A 101 on metadata - what it is and how to use it - Insight into a typical attack, what happens and what we would find when looking into the metadata - How to collect metadata, use this to detect attacks and get greater insight into how you can use this to protect your organisation - Learn how much raw data and metadata to retain and how long for - Get a reality check on how you're using your metadata and if this is enough to secure your organisation

    Play Video

  • 150x50

    CSO Webinar: How banking trojans work and how you can stop them

    CSO Webinar: How banking trojans work and how you can stop them Featuring: • John Baird, Director of Global Technology Production, Deutsche Bank • Samantha Macleod, GM Cyber Security, ME Bank • Sherrod DeGrippo, Director of Emerging Threats, Proofpoint (USA)

    Play Video

  • 150x50

    IDG Live Webinar:The right collaboration strategy will help your business take flight

    Speakers - Mike Harris, Engineering Services Manager, Jetstar - Christopher Johnson, IT Director APAC, 20th Century Fox - Brent Maxwell, Director of Information Systems, THE ICONIC - IDG MC/Moderator Anthony Caruana

    Play Video

More videos

Blog Posts