The CEO of HSBC UK, Ian Stuart, has expressed concern over the threat of cyber-attacks, saying it keeps him awake at night. He notes that cyber-security is a top priority for his bank and that dealing with IT vulnerabilities is an enormous expense for the sector as a whole.
Stuart highlights that cyber-attacks are increasing in number and severity, with criminals monetizing attacks more efficiently. His banking group is spending hundreds of millions of pounds improving its IT systems to prevent outages and attacks.
Experts agree that cyber-attacks on financial institutions are relentless and increasingly sophisticated. A recent report found that nine major banks accumulated 803 hours – equivalent to 33 days – of tech outages over the past two years, with some retailers like Co-op and Marks & Spencer experiencing severe disruption after being targeted by hackers.
The threat is not limited to the banking sector, but can impact every sector, affecting markets, reputations, public confidence, and beyond. Stuart’s warning comes as several major banks have reported IT failures, including Barclays, which experienced a £12.5m compensation payment due to online banking issues.
Source: https://www.bbc.com/news/articles/c4g3372vl3yo