UK’s financial system under ‘almost constant’ cyber attacks

The UK’s financial system is “under almost constant cyber-attack” according to a senior Bank of England official, with the regulator planning to introduce new standards for financial firms’ cyber security.

PRA CEO Sam Woods has announced that the PRA will publish new standards, focusing on operational security issues such as outsourcing and IT provision. Although the timing has not yet been confirmed, we could see the new standards implemented within the first half of this year.

Writing in the PRA’s business plan for the next year, Woods stated that: “Setting out clearly the level of operational resilience we expect of firms and how we will make sure it is delivered is a top priority for the PRA.”

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