HSBC’s UK arm is under attack from online criminals, with cybersecurity now its biggest expense, costing hundreds of millions of pounds. The bank’s CEO, Ian Stuart, told MPs that cybersecurity is “very much at the top of our agenda” and has become a major concern for the lender.
The rise in digital transactions has increased the need for seamless 24/7 operations, with HSBC processing 1,000 payments per second. However, this has also led to significant investments in IT systems, with the bank making about 8,000 changes weekly.
Stuart warned that no bank can guarantee its services will remain online all the time. “The skill is, how quickly can you recover?” he said. HSBC’s expenditure on cybersecurity now exceeds hundreds of millions of pounds, making it the biggest expense in business.
Similar concerns have been raised by Barclays’ CEO Vim Maru, who attributed a recent software issue to an external company. The bank has since implemented a fix and is enhancing its systems.
The IT issues at both banks have highlighted the growing importance of cybersecurity, with customers experiencing significant disruptions.
Source: https://www.theguardian.com/business/2025/may/20/hsbc-uk-ian-stuart-treasury-select-committee-banks-cybersecurity