British Banks To Prevent Tech Disruption

Forex News

UK banks and other financial services companies now have 3 months to outline their plan on preventing IT breakdowns and respond to the looming danger of cyber attacks. The deadline is on October 5.

FCA Chief Executive Andrew Bailey and BoE Deputy Governor Jon Cunliffe stated: "Operational disruption can impact financial stability, threaten the viability of individual firms and financial market infrastructures, or cause harm to consumers and other market participants in the financial system".

The responsibility for providing the safety will lie on senior management. They are the ones to respond in case of an actual disruption. The consultation will include views from customers of financial services companies, banks, insurers and other firms.