28 May 2017
Visit cib.db.com

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

06 January 2017  |  20748 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  |  7139 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  |  5705 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  |  10416 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  |  10618 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  |  7573 views  |  0 comments | 15 tweets | 21 linkedin
GCHQ launched DDoS attack against Anonymous members

GCHQ launched DDoS attack against Anonymous members

05 February 2014  |  4196 views  |  0 comments | 6 tweets

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit vasco.com/news/PSD2-compliant-solutionsvisit www.response.ncr.com

Top topics

Most viewed Most shared
BBVA launches Open API marketplaceBBVA launches Open API marketplace
13166 views comments | 50 tweets | 79 linkedin
Bank/fintech collaboration can take transaction banking to new heightsBank/fintech collaboration can take transa...
7758 views comments | 12 tweets | 24 linkedin
R3 raises $107mR3 raises $107m
6915 views comments | 16 tweets | 16 linkedin
TransferWise launches multi-currency business bank accountsTransferWise launches multi-currency busin...
6813 views comments | 12 tweets | 20 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job