An influential group of British legislators has called on banks to improve their IT systems . In his letters, the chairman concludes that "until these changes – or something like them – are made, the public will remain more exposed than necessary to the risks of banking failures." Member of the Treasury Select Committee , Andrew Davies , has written to senior officials 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 . Davies has said that “ much greater effort 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 banks and individuals 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 . Member of the Treasury Select Committee , Andrew Davies , has written to senior officials 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 . Davies has said that “ much greater effort 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 banks and individuals 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 .