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.