Bank of England says lenders must do more to shore up cyber defences

Britain’s banks must do more to protect themselves and the wider financial system from growing and evolving cyber crime, the Bank of England said on Friday. Worried by the increasing rate of attacks on banks by Internet hacks, the BoE surveyed 36 financial firms and banks in Britain and found no immediate critical shortcomings in their defences.

“But they did point to areas for improvement that we will be following up on with firms,” Andrew Gracie, an executive director at the BoE in charge of winding down failed lenders, told a Cyber Defence and Security Network conference.

Read more about why Bank of England thinks that lenders should do more to shore up cyber defence of enterprises on Reuters.

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