An influential group of British legislators has called on banks to improve their IT systems. Chairman of the Treasury Select Committee, Andrew Tyrie, has written to senior figures at the Bank of England, Prudential Regulation Authority (PRA), and Financial Conduct Authority (FCA) after corresponding with the CEOs of Barclays, HSBC and RBS over several months. The letter was sent in response to a report by the House of Commons Public Accounts Committee that found “significant weaknesses” in how bank customers are protected from fraud or identity theft. He added that “legal, regulatory, and structural and cultural changes are needed to the way that banks manage their cyber security risks”. Both RBS and Barclays have suffered known cyber attacks. Tyrie has recommended that the PRA is best placed to ensure that banks improve their IT systems, and should regularly report to parliament on the issue.
An influential group of British legislators has called on banks to improve their IT systems. Chairman of the Treasury Select Committee, Andrew Tyrie, has written to senior figures at the Bank of England, Prudential Regulation Authority (PRA), and Financial Conduct Authority (FCA) after corresponding with the CEOs of Barclays, HSBC and RBS over several months. Tyrie has said that “much greater resources should be put towards modernising, managing, and securing banks’ IT infrastructures”. He added that “legal, regulatory, and structural and cultural changes are needed to the way that banks manage their cyber security risks”. Both RBS and Barclays have suffered known cyber attacks. Tyrie has recommended that the PRA is best placed to ensure that banks improve their IT systems, and should regularly report to parliament on the issue.