27 February 2017
visit nextgenbanking.co.uk

Professor predicts 'major bank will fail' from cyber attack in 2017

06 January 2017  |  19355 views  |  0 cyber attack

The chairman of the UK's National Cyber Management Centre (NCMC) has warned that "a major bank will fail as a result of a cyber attack in 2017" leading to "a loss of confidence and a run on that bank".

Professor Richard Benham made his prediction to the BBC. In addition, Professor Benham has also cited statistics from the National Crime Agency that the UK suffered almost 2,500,000 cyber attacks last year and that this figure was most likely much higher because banks often under report such attacks and refund accounts directly.

In November, hackers made off with £2.5m from 9,000 Tesco Bank customers in an attack that the Financial Conduct Authority described at the time as 'unprecedented'. However the major high street banks in the UK have yet to experience a similar theft or to suffer a serious loss of confidence from their shareholders or consumers as a result of a cyber attack or data breach.

Meanwhile, GCHQ, the UK's central intelligence headquarters and home to the NCMC, is spending more than £420,000 on hiring cyber security experts. The new hires will be tasked primarily with defending many of the UK's small businesses, charities and universities that have not previously benefitted from government help.

The hiring spree also follows calls from UK MPs to make the defence of the UK's financial services industry a top priority in 2017. "It is essential that the intelligence community gives the regulators the technical and practical support they need to do their job," wrote Andrew Tyrie, Conservative MP and chair of the Treasury Select Committee, in December.

"This means making sure that financial cybercrime has a high priority, and is not subordinate to other work. Failure to do so would inhibit the ability of financial institutions to maintain an adequate level of protection for millions of consumers."

KeywordsCARD FRAUD

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Tesco Bank fraudsters drained £2.5 million from customer accounts

Tesco Bank fraudsters drained £2.5 million from customer accounts

09 November 2016  |  6814 views  |  0 comments | 9 tweets | 17 linkedin
Cyber risk beats out Donald Trump as FS industry's top concern

Cyber risk beats out Donald Trump as FS industry's top concern

08 November 2016  |  5301 views  |  0 comments | 14 tweets | 13 linkedin
Bank of England officials watch as cyber attack unfolds

Bank of England officials watch as cyber attack unfolds

03 November 2016  |  9863 views  |  1 comments | 15 tweets | 15 linkedin
HSBC online and mobile services downed by cyber attack

HSBC online and mobile services downed by cyber attack

29 January 2016  |  10346 views  |  5 comments
UK and US bankers place cybercrime worries ahead of economic outlook

UK and US bankers place cybercrime worries ahead of economic outlook

09 December 2015  |  7356 views  |  0 comments | 15 tweets | 21 linkedin
GCHQ launched DDoS attack against Anonymous members

GCHQ launched DDoS attack against Anonymous members

05 February 2014  |  4028 views  |  0 comments | 6 tweets

Related company news

 

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextravisit dh.comVisit contisgroup.com

Who is commenting?

A Finextra member Finextra Member Commented on: Really really really K...
A Finextra member Finextra Member Commented on: In wake of Cloudflare...
A Finextra member Finextra Member Commented on: Bank consultancy Zeb o...

Top topics

Most viewed Most shared
EBA to relax controversial PSD2 authentication rulesEBA to relax controversial PSD2 authentica...
13802 views comments | 53 tweets | 74 linkedin
BNY Mellon seeks blockchain experts for new emerging biz and tech teamBNY Mellon seeks blockchain experts for ne...
7777 views comments | 7 tweets | 4 linkedin
hands typing furiouslyBlockchain Technology
7566 views 1 | 18 tweets | 8 linkedin
Starling releases Open API, talks up marketplace modelStarling releases Open API, talks up marke...
7420 views comments | 19 tweets | 18 linkedin
hands typing furiouslyKiller Corporate Banking Use Cases for Fin...
6592 views 2 | 12 tweets | 2 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job