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BoE asks FinTech Firms to Help Warn Banks About Cyberattacks

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BoE asks FinTech Firms to Help Warn Banks About Cyberattacks

Introduction

This article was posted on Thursday, 20:00, UTC.

The Bank of England is recruiting FinTech companies to help prevent cyberattacks targeting financial institutions, according to a report from The Telegraph.

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Earlier this year, the Depository Trust & Clearing Corporation (DTCC) conducted a survey, which found that cyber risks topped the list of financial service concerns. According to the survey, 56 percent of respondents ranked cyberattacks within the top five.

Speaking at the Telegraph’s Future of FinTech conference, Claire Sunderland Hay, head of the Bank’s FinTech Accelerator, said one study is focusing on threat intelligence tools.

She said:

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We hope [it] will lead to faster sharing of threat intelligence information across a broader group, allowing firms to be more aware of risks in real time.

This news comes in light after Tesco Bank accounts were recently hacked, with customers losing thousands of pounds from their current accounts.

Other Studies Conducted by the Bank

The BoE has also been conducting studies into the potential of blockchain and bitcoin.

Earlier this year, a senior BoE official announced that there was ‘no likelihood’ of a blockchain revolution taking place anytime soon. Yet, the bank has been thinking about the use of blockchain for real-time money settlement to safeguard the stability of the U.K.’s financial system.

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Of course, with London ranked number one as the global hub for FinTech startups, could this potentially threaten the U.K.’s position?

According to Christoph Rieche, co-founder and chief executive of small business finance firm Iwoca, he believes other countries are catching up.

He said:

The U.K. is not going to fall off a complete cliff, but we are the number one and we want to build the lead against the rest – and we are losing that race. We are letting others catch up when we should be running ahead.

Other countries that could potentially step on the U.K.’s toes as the next global FinTech hub include Singapore, New York, Silicon Valley, and Hong Kong.

Cyberattack Risks on the Rise

Of course, there are many obstacles that could potentially remove London from the top spot; however, the fact that the Bank of England is taking steps now means that the city has a better chance of retaining its lead position in the future.

It’s unlikely that cyberattacks will ever stop being a threat to a country, but the measures in place ensure it has an improved opportunity to prevent cyberattacks from taking place in the future.

Featured image from Shutterstock.

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