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Bank bosses cite cyber-attacks as most pressing concern

In the wake of one of the largest cyber-heists to be mounted on the banking industry in history bank bosses have cited cyber-attacks as one of their most pressing concerns.

A poll of 175 bosses conducted by PwC found that the vast majority, 79 per cent, were concerned about the threat posed by hackers to their business, significantly more than the 61 per cent who expressed similar concerns across industry as a whole.

Report author Beth E Mooney said: “No one can be complacent about cybersecurity and identity theft, as we have watched the breaches over the last year. They’re widespread, the statistics are frightening.

“What we are doing to protect data and our clients, in conjunction with other financial institutions and the government is one of the most important things, because we are into new territory that has significant consequences.”

In the latest attack global financial institutions are thought to have lost as much as £650m after a Russian gang was able to infiltrate internal servers and transfer millions to dummy accounts under their control.

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