According to a recent study from the Bank of England, cyberattacks pose the greatest danger to the UK financial system. Financial institutions, on the other hand, are still confident in their ability to repel attacks and think they are more likely to experience the effects of rising inflation.
In the Bank’s H2 systemic risk survey, 65 executives from the UK financial sector were questioned. The results show that 74% of respondents said a cyberattack posed the greatest danger to the financial sector in the short and long terms, closely followed by inflation or a geopolitical crisis.
The financial industry continues to view cyberattacks as the top risk.
Main sources of risk to the UK financial system from the year ( 2017- 2022)
|UK political risk||34%|
Banks are still optimistic they can fend off assaults, even if they might be severely devastating if they do occur. Geopolitical tensions (54%) and the possibility of skyrocketing inflation (63%), according to the survey, are more probable than cyberattacks to occur (37%) in the near future.
From 31% in the first half of the year to 62% in the second, there was a significant increase in respondents this year who think their business is highly vulnerable to attack. There are now only 3% fewer people who believe there is little threat. Additionally, 83% of respondents think that the financial industry is now more vulnerable to cyberattacks than it was a year ago.
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