Bank of England raises red flag over cyber-risk management in financial services sector

Bank of England Systemic Risk Survey suggests Brexit is biggest risk to financial stability, pushing cyber-attacks into a distant second place

With 91 percent of respondents citing ‘UK political risk’ as being of most concern, cyber-attack was cited by just 62 percent. When it comes to the perceived difficulty in managing these risks the two were pretty much neck and neck on 52 percent and 51 percent respectively. However, while the Brexit management concerns were down by 18 percent on the previous 2017 survey, cyber-attack management concerns were up by 5 percent. This is the third consecutive rise in cyber-risk management concern, which suggests that financial services organisations are still struggling to get to grips with cyber-security strategy.

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