An influential group of British legislators has called on banks to improve their IT systems. Chairman of the Bank of England , Andrew Tyrie , has written to senior figures at Prudential Regulation Authority , Prudential Regulation Authority ( PRA ), and Financial Conduct Authority (FCA) after corresponding with the CEOs of Barclays , HSBC and RBS over July 2015 . 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 HSBC have suffered known cyber attacks. Banks are being urged to improve their IT systems by an influential group of MPs, with Chairman of the Treasury Select Committee Andrew Tyrie saying that "Bank IT systems don’t appear to be up to the job." 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 Bank of England , Andrew Tyrie , has written to senior figures at Prudential Regulation Authority , Prudential Regulation Authority ( PRA ), and Financial Conduct Authority (FCA) after corresponding with the CEOs of Barclays , HSBC and RBS over July 2015 . 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 HSBC 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.