Bank of England plans another round of cyber security tests

 
Tim Wallace
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THE BANK of England and Treasury are planning to run more tests of banks’ cyber security systems, it emerged over the weekend.

Last year the authorities tested electronic payment interference ahead of the Olympics, and it is thought another round is planned.

It comes after a clampdown on anti-money laundering controls across the industry, as well as warnings from top Bank of England official Andy Haldane that cyber security and crime are major threats to stability in the sector.

Earlier this year the Bank expanded its list of key priorities to include tackling cyber risks. In particular it expressed concern at the safety of the payments system.

“Cyber security needs to be an integral part of corporate governance and risk management processes,” said the Bank in March.