14 DAY TRIAL // The Bank of England’s Financial Policy Committee (FPC) is warning Britain’s financial organizations about the threats posed by cyberattacks. Companies are advised to review their current cyber security posture and enhance their systems’ resilience to cyberattacks.
The FPC warns that the financial system has a number of vulnerabilities, mainly due to complex legacy IT systems, a high degree of interconnectedness and its reliance on centralized market infrastructure.
While it admits that some steps have already been taken to make financial systems more secure, the FPC wants banks, the Treasury and regulators to work together on developing a “concrete plan” to deliver a high level of protection against cyberattacks.
The FPC wants this action plan to be completed by the first quarter of 2014. A progress report by the regulatory boards must be submitted in the last quarter of 2013.
The Bank of England said it would be reviewing its own resilience as well.