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.

Cyber criminals have infected online menus in popular restaurants in a bid to obtain information about large corporations, a US security expert said.

Irish companies are less concerned about the impact of crime than their global counterparts despite an increasing number falling victim to criminality with ever-greater financial consequences.

The Bank of England has warned of the “serious and growing threat” to stability posed by a cyber attack at the heart of the UK financial system, as essential firms race to protect themselves.