Technology disasters at banks and finance firms have more than doubled amid an unprecedented wave of cybercrime, the City watchdog has warned.
Overconfident bankers are making errors in crucial computer updates which cause chaos, the Financial Conduct Authority says.
And many firms are woefully underprepared for hacking attacks – putting their customers at risk.
British lenders have suffered a wave of online failures and hacks over the past few years, from a blackout at TSB to a massive internet raid at Tesco Bank.
Megan Butler, of the FCA, said there had been a 138 per cent rise in technology failures at finance firms during the year to October.
This includes both hacking cases and problems of the firms’ own making. The number of cyber-attacks rose 18 per cent. She added: ‘The FCA is deeply concerned that the number of technology incidents reported to us has increased. If your bank stops working, your life and business can be severely constrained – a point that is especially true in the UK today with the decline in use of physical currency.’
Source: Daily Mail