The Bank of England and Financial Conduct Authority have handed the UK's banks a three-month deadline in which to demonstrate their resilience to a cyber attack, including having a back-up plan enabling operations to resume within two days. In a joint statement, the two organisations said cyber attacks threatened "financial stability, the viability of individual firms and financial market infrastructures", and warned of fines and sanctions for banks which did not comply. A spokesman from the FCA said: "We are aware that there is an ongoing investigation into possible breaches by Barclays over the past 12 months.
The Bank of England and Financial Conduct Authority have handed the UK's banks a three-month deadline in which to demonstrate their resilience to a cyber attack, including having a back-up plan enabling operations to resume within two days. In a joint statement, the two organisations said cyber attacks threatened "financial stability, the viability of individual firms and financial market infrastructures", and warned of fines and sanctions for banks which did not comply. The move follows a disastrous IT upgrade at TSB and the Visa network's recent blackout.