Bank of England Urges Security Hike

Just last week we brought you news of a second high-profile cyber-attack on a major UK bank. With the Financial Services sector still reeling from the $81 million cyber heist involving Bank Bangladesh earlier this year, the second attack highlighted the growing need for increased cyber security across the industry.

With news that the Bank of England recently issued a request to all UK banks to redouble their security efforts when it came to all computers connected to the SWIFT messaging network, it’s obvious that cyber-crime is a very real threat to institutions across the board. “What we’re seeing is the very clear need for businesses to realise the potential cost of not only software security, but also cyber awareness among staff”, says Unicorn Training’s own Alex Prodromou. “With the increased sophistication of cyber-crime, more often than not hackers are able to access and wreak havoc across an organisation, simply because of the unwitting action of a member of staff who may have clicked on a phishing link, or opened an unsecured attachment.”

“Contrary to what we often read in the news, this isn’t anything to do with stupidity or negligence”, he continues; “but rather that organisations don’t always see the value in adopting a bottom-up approach, and educating staff about the potential threat posed by cyber-criminals.”

Closeup of computer keyboard with green and red buttons highlighted

Indeed, the Bank of England’s alleged warning to the UK banks it regulates constitutes the first of its kind – and is the first time in history that a bank in a major economy has issued an alert of this kind.

It should be noted that The bank of England – one of the central G10 banks responsible for co-overseeing Brussels-based SWIFT – had no comment. However, it is undeniable that the Bangladesh theft has sent shockwaves through the established money transfer service for both commercial and central banks across the globe.

One thing is for sure – cyber resilience remains one hot topic for the industry, and institutions of all sizes ought to be taking concrete steps to safeguard their interests. Talk to us today about RESILIA, powered by AXELOS, and learn how Unicorn can help safeguard your business against cyber-crime.

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