UK Financial Industry Cyber-Attack

This is a news story, published by Guardian, that relates primarily to Andrew Bailey news.

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successful bank hack

Guardian

•

World

‘We’re being attacked all the time’: how UK banks stop hackers

Summary

Nutrition label

76% Informative

Bank of England governor Andrew Bailey said cybersecurity was a risk that was never going away.

Banks are expected to allocate 11% of their IT budgets to cybersecurity in 2025 .

Banks could end up shelling out $ 32bn on cybersecurity by December , study says.

No bank hacks to date have been disruptive enough to bring a country to an economic standstill.

Policymakers officially recognised cybersecurity as a risk to financial stability in 2013 .

Bank of England has implemented cyber resilience standards for all regulated banks and insurers under its supervision.

The central bank also coordinates multiday cyberwar games as part of its SIMEX simulation exercise programme every two years to test City companies' security.

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful