BoE’s Stheeman sets out expectations on cyber resilience
Policy-makers will be guided by cyber stress-testing and “impact tolerances”
The Bank of England is expecting higher standards from firms on their cyber resilience, as it steps up action against a crime that is becoming much more prevalent than other forms of theft.
Elisabeth Stheeman, a member of the BoE’s financial policy committee, said the central bank was concerned that a “severe or persistent” cyber attack that let to a data breach or outage could undermine trust in the financial system.
In a bid to increase resilience, the FPC is looking to set “impact
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