Banks warn Britain’s financial system remains at high-risk of cyber attack

The British Bankers’ Association is to host a conference of financial institutions, as well as Interpol and Europol, the United Nations, Cabinet Office and Home Office tomorrow as part of efforts to shore up Britain’s vulnerable financial system from attack by criminals and enemy states.

The industry body is calling for greater collaboration between banks and law enforcement agencies to counter the threat and follows publication of a report by the BBA and PwC which indicates that 93 per cent of large firms suffered security breaches over the past year.

Despite lavishing £700m on cybersecurity last year seven in ten banking chief executives still see the issue as a key growth impediment going forward.

Anthony Browne, the BBA’s chief executive, said: “We think there’s a real need for an industry-wide intelligence sharing hub. The industry is fragmented in its response to this. It’s one of the biggest prudential threats to banking – a major concern at chief executive and chairman level. They are getting attacks regularly.”

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