Bank of England working on bank cybersecurity plan

Concerns about cybersecurity preparedness are rising across the globe, as banks and financial institutions are becoming frequent targets of network intrusions, data breaches, and electronic theft. Following last month’s hacks of Barclays and Santander Bank, the Bank of England, the central bank of the United Kingdom, has taken notice of the need for a “concrete plan” to protect banks against cyberattacks, and has called on the competent authorities to draft such a plan by March 2014. The banks’ cyber defenses will also be tested next month during a planned cyber threat exercise. Although a private third party has designed and will lead the test, the Bank of England, HM Treasury, and the Financial Conduct Authority will be closely monitoring the results.