Future Forum | Bank of England

Is your money safe from cyber-attacks?

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Future Forum
Future Forum | 3 months ago | in Banking on a new world

Remember life before Monzo cards, Amazon Prime and online grocery shopping? We don’t either. The internet has paved the way for a wealth of wonderful inventions but it’s not all roses. Cyber-attacks are on the rise – and they’re becoming more advanced.

What is cyber-risk?

People do much of their finances online nowadays and that means everyone is more exposed to cyber-crime. Businesses call this cyber-risk and it can cost them money, cause disruption or damage their reputation.

Criminals target banks because there’s a lot of money and sensitive data at stake. It’s no easy job – banks have advanced security measures in place to stay safe. But it’s impossible to predict the nature of every attack as sophisticated criminals keep developing new tactics and approaches.

Find out more in our Knowledge Bank Guide. https://edu.bankofengland.co.uk/knowledgebank/is-my-money-safe-from-cyber-attacks/

edited on Oct 31, 2018 by Future Forum
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Ramblingsofabard 3 months ago

The BoE has introduced a cyber element to its stress tests. It tries to assess a banks ability to provide its core services when suffering from different levels of an attack. DoS or DDoS attacks that are most likely to be covered by such a stress test. What are the BoE s thoughts on how to test a firm’s resilience to other types of cyber attacks ? In particular, around the recent examples of customer data loss and the much talked about legacy layers of infrastructure that banks have.

Shelley (BoE Moderator) 3 months ago

Thank you for your comment. This is an interesting question! Have you thought about posting this to one of our Governors sessions to seek out there view on this too?

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Dr Robert Jones 3 months ago

You are reminded that all digital platforms must provide access to blind people by law. Relience upon only digtal channels does not comply with banking requirements.Talks are underway to use banking partners such as the post office to meet complience standards.

Shelley (BoE Moderator) 3 months ago

Thank you for your your comments.

Amy Buckingham 2 months ago

This idea has been advanced to the next phase

Amy Buckingham 1 month ago

This idea has been advanced to the current phase

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