Cyber Risk at All-Time High for UK Financial

June 29, 2018

 

The percentage of financial facilities companies mentioning cyber-attacks as a main source of danger has hit an all-time high, as per the latest six-monthly survey from the Bank of England (BoE).

The Bank’s Systemic Risk Survey for the first half of 2018 had cyber-occurrences rated joint second together with geopolitical danger, with 62% mentioning them as main dangers to the UK’s financial system.

The figure has increased for the third successive survey and is now at its maximum level since records started in 2008, as per the BoE.

There was also a rise of five percentage points in the ratio of respondents that cited cyber-attacks as the danger most challenging to cope, to more than half (51%).

Nick Hammond, a lead advisor for financial facilities at tech provider World Wide Technology, contended that newer rules are moving away from the old tick-box compliance design towards needing continued reassurance of important applications.

“However because of the complicated nature of present systems which have been created with different and sometimes opposing metrics over the years, legacy infrastructures are usually created from a difficult patchwork of applications, which interconnect with each other in difficult ways,” he added.

“This system of opaque inter-dependencies generates a substantial challenge which means banks are gradually drawing on infrastructural skill as the first step towards safeguarding their internal software.”

Hammond contended that gaining visibility into systems and the way applications share data is an important first step to decreasing risk as it can make sure the correct policies are applied to each segmented app.

The BoE is said to be developing rules to assist companies to show cyber-resilience, and in spite of the comparatively big amounts of funding available to IT safety teams, there appears plenty of work to do.

Global fiscal services breaches have tripled over the past five years, as per Accenture, while a VMware survey of UK-based safety pros in the sector disclosed 67% who asserted their practices “would shock outsiders.”