Cyber crime is ‘present danger’ for financial system – BoE deputy

Cyber crime

The deputy governor for prudential regulation at the Bank of England has said cyber crime is a “present danger to the UK financial system” that authorities must work harder to guard against.

In a panel discussion at London’s City Week on May 21, Sam Woods said that stress-testing of the financial system against cyber attacks should be more prevalent. He cited the success of the UK’s “CBest” scheme, which was launched in 2014 by the BoE.

CBest is a controlled form of cyber risk penetration

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Combatting the ever-changing cyber threats in banking

Seemanta Patnaik, co-founder and chief technology officer at SecurEyes, discusses the continually evolving challenges and threats, and possible solutions to remain resilient to cyber attacks in today’s central banking environment.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.