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Major bank 'being attacked all the time' - as boss 'kept awake at night' by cyber threat
The boss of one of the UK's biggest banks says it is being attacked "all the time" by online criminals and he is kept up at night by cyber threats.
"It does keep me awake," HSBC UK chief executive Ian Stuart told the Treasury Committee of MPs. "Because we can be attacked and we are being attacked all the time." Money blog: 'Highest ever' bank switching offer launches Mr Stuart said banks were spending "enormous" sums of hundreds of millions of pounds on IT systems - the biggest expense in their businesses.
"Cybersecurity is now very much at the top of our agenda," he added. Concerns were also highlighted by Lloyds Bank chief executive Charlie Nunn, who said financial fraud will get worse if banks cannot intervene to prevent it and social media and telecoms companies are not incentivised to halt it.
Mr Nunn said the UK "has become the home of fraud.
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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