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

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