WORLD
UK banks fear cyber attack more than euro crisis
Baku, June 13 (AZERTAC). Worries over hacking and other cyber attacks has pushed aside the euro zone crisis as the top risk for Britain's banks and they must do more to protect themselves, a senior Bank of England official said on Wednesday.
Global cyber crime in the financial sector has become a more pressing worry, underlined by a series of cases this year.
US prosecutors last month laid out details of a crime ring they say stole $45 million from two Middle Eastern banks by hacking into credit card processing firms and withdrawing money from cash machines in 27 countries.
Andrew Haldane, the BoE's director of financial stability, met with five of Britain's top banks six months ago and four told him that a cyber attack was their biggest threat.
It was surprising the fifth bank did not have this risk on their list but it does now, Haldane told parliament's Treasury Select Committee.
"You can see why the financial sector would be a particularly good target for someone wanting to wreak havoc through the cyber route," he added.
"Understanding and management of this risk was still at a somewhat early stage," Haldane said.
Before meetings wіth layer chiefs hаԁ pointed tο thе “usual suspects” οf thе euro zone crisis οr a depression іn thе nation аt thе top expose, Haldane understood.
Thе focus οn credit, promote аnԁ liquidity expose fіnіѕhеd thе past five years mау hаνе distracted concentration starting operational, аnd іn particular cyber risks, аt banks οr іn infrastructure bе fond οf payment systems, Haldane understood.