UK Banks Must Produce Backup Plans for Cyberattacks

The Bank of England and Financial Conduct Authority have given UK financial services firms three months to produce backup plans explaining how they would respond to cyberattacks and avoid technical shutdowns, Reuters reports.

Financial services organizations are particularly vulnerable to cybercrime, as recently indicated by issues with Visa and UK bank TSB, where an April outage prevented customers from accessing online accounts. Regulators say the risk reflects a failure among banks and insurers to upgrade their systems, and demand they have strategies in place if systems are disrupted.

Businesses have until October 5, 2018 to produce their backup plans. If they fail to do so, or if their plans fall short of regulators' standards, they may be required to increase their capital levels or invest in their systems' resilience to cyberattacks.

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