Your unrestricted access to Commercial Risk, Commercial Risk Europe and Global Risk Manager will end soon.

Bank of England poll ranks cyber as top risk for financial services

Cyberattack is the biggest risk facing UK financial services firms, according to the Bank of England’s (BoE) first systemic risk survey since the outbreak of Covid-19. It is the first time the risk has topped the poll.

Cyber was cited as the biggest risk to the UK financial system by 74% of respondents, followed by geopolitical risk on 59% and pandemic risk at 57%.

“The risk of a cyberattack became the most-cited risk for the first time since the survey started,” the BoE said.

Cyberattacks were also identified as the most difficult risk to manage, followed by pandemic-related threats

The BoE said confidence in the stability of the UK financial system during the next three years has improved since its 2019 survey. Some 50% of those polled are confident or very confident, up 17 percentage points, and 45% said they are fairly confident.

The survey was completed by risk managers and treasury departments at UK banks, insurers, asset managers and pension funds.

Back to top button