UK banks failing to report ‘constant’ cyber attacks

Britain’s banks are not reporting to regulators the full extent of cyber attacks, for fear of punishment or bad publicity, bank executives and providers of security systems say.

Reported attacks on financial institutions in Britain have risen from just five, in 2014, to 75, so far this year, data from Britain’s Financial Conduct Authority shows.

However, bankers and experts in cyber security say there are many more attacks. Banks are under constant attack, Shlomo Touboul, chief executive of Israeli-based cyber-security firm, Illusive Networks, said.