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Bank of England ranks cyber attacks above Eurozone crisis as biggest threat

Matthew Finnegan | June 17, 2013
Cyber attacks have risen to the top of the list of threats for UK banks according to Bank of England's director of financial stability, Andrew Haldane, but understanding and management of the risk is still at an "early stage".

Banks in the UK have come under attack from organised cyber criminals in increasingly sophisticated attacks, however there is also the threat of state sponsored attacks. Countries including Iran and China have been accused by the US of orchestrating attacks against the financial sector in recent months.

Last month reports emerged of a significant attack against a financial exchange firm. The 167 Gbps attack was described as the largest ever targeted at a fiancial sector organisation according to security firm Prolexic.


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