The head of the Treasure select committee believes that the current vulnerabilities and accountability must be addressed after Tesco Bank hacking in order to protect the financial industry from cyber attacks.
One of the MPs wrote to the head of the National Cyber Security Centre (NCSC), which is a division of the UK surveillance agency GCHQ. In the letter, the MP expresses concern that lines of responsibility and accountability for reducing cyber-threats are opaque and refers to the recent incident at Tesco Bank as an example of the vulnerabilities of the financial system.
Back in November, Tesco Bank revealed that £2.5m had been stolen from 9,000 accounts in result of a hack. This case raised concerns about the methods used by this bank and other institutions to detect cyber attacks. The concerns seem to be not without a cause, since 2/3 of all major British companies have reported security breaches in 2016. Even the Bank of England listed the threat of hacker attacks as one of the major industry risks.
The MP outlined that responsibility for online threats was shared between the Bank’s Prudential Regulation Authority, the Financial Conduct Authority and GCHQ. This is why the MP calls to consider whether a single point of responsibility for cyber risk in the financial services sector is required. He also suggests to create a line of accountability to the Treasury for financial cybercrime.
The National Cyber Security Centre was established only 2 months ago with the aim to defend the UK against cyber offences. The MP also asked to clarify its objectives. In response, the NCSC promised to provide a government response in the New Year.
In the meantime, the parliamentary committee during its evidence sessions was asking whether a clearer command structure to tackle cyber attacks was required. Posted by:
Tesco Bank has reported a near 12 per cent increase in statutory pre-tax profits to £187.9 million for the year to February 29, i wonder how much they spend on cyber security, tesco website talks about how secure everything is, what a joke!