The Bank of England’s Financial Policy Committee has said that Britain’s lenders need to do more to protect themselves against cyber attacks.
The banks’ close connections with each other mean that they are particularly vulnerable, with complex IT systems and a reliance on centralised market infrastructure increasing the risks.
The Bank wants to "ensure that there is a concrete plan in place to deliver a high level of protection against cyber attacks for each institution at the core of the financial system, including banks and infrastructure providers, recognising the need to adapt to evolving threats."
It suggested that these measures be in place by the first quarter of 2014.
