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Banks Reveal Sharply Raised Concerns About Cyber Attack

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One quite striking chart in today's Financial Stability Report showed just how much the perceived threat of cyber attack has increased this year:

FSRNov2013f.gif

An extract from the accompanying text:

Cyber attack has continued to threaten to disrupt the financial system. In the past six months, several UK banks and financial market infrastructures have experienced cyber attacks, some of which have disrupted services. While losses have been small relative to UK banks’ operational risk capital requirements, they have revealed vulnerabilities. If these vulnerabilities were exploited to disrupt services, then the cost to the financial system could be significant and borne by a large number of institutions. In response to the FPC’s June recommendation, a programme of work has been developed to assess, test and improve the financial system’s resilience to cyber attack.

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