The Bank of England’s Financial Stability Report (FSR) reveals that cyber-attacks are now viewed as a top risk to the UK’s financial system. Andrew Bailey, the Bank’s Governor, said: “If you look at the league table of risks post the financial crisis and asked the question, what risk has come up the league table most sharply in that period, I’m afraid that cyber would be up there for me, right at the top.” The report also noted that heightened global political tensions and advancements in artificial intelligence (AI) contribute to the increasing risk landscape. Cyber-attacks have already impacted major firms and the broader UK economy.
Cyber-attacks viewed as a top risk
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