BANKS and other financial firms could be putting their own customers at risk of cyber attack due to outdated computer systems.
A new report released by the financial watchdog says that outdated IT systems, a lack of staff training and company culture could all lead to an increased risk of a cyber breach.
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In the year to October 2018, firms reported a 138 per cent increase in technology outages to the Financial Conduct Authority (FCA), alongside an 18 per cent increase in cyber incidents.
Megan Butler, executive director of supervision – investment, wholesale and specialists at the FCA said: “All the trends that we’re seeing at the moment suggest an increasing threat to UK customers, and financial markets, from technology outages and cyber attacks.
“A third of firms do not perform regular cyber assessments. Most know where their data is. But describe it as a challenge to maintain that picture.
“Nearly half of firms do not upgrade or retire old IT systems in time. Only 56 per cent say they can measure the effectiveness of their information asset controls.”
