UK banks hiding cyber attacks

UK banks still aren’t telling regulators about all the cyber attacks on the financial services industry despite a ten-fold increase in reports to the Financial Conduct Authority over the last four years, writes Suzi Ring.

UK banks still aren’t telling regulators about all the cyber attacks on the financial services industry despite a ten-fold increase in reports to the Financial Conduct Authority over the last four years, writes Suzi Ring.

“Our suspicion is that there’s currently a material under-reporting of successful cyber attacks,” Megan Butler, the FCA’s director of supervision, has said.