The Bank of England has warned that it is more concerned about hacking and other cyber attacks than it is about the Eurozone.
Andrew Haldane, the BoE’s director of financial stability, has met with five of Britain’s top banks six months ago and four told him that a cyber-attack was their biggest fear.
According to Reuters Haldane told the parliament’s Treasury Select Committee that the fifth bank did not have this on its top fear list until recently.
He said that the financial sector is a particularly good target for someone wanting to wreak havoc through the cyber route.
Earlier meetings with bank chiefs had pointed to the “usual suspects” of the euro zone crisis or a slump in the economy at the top risk, Haldane said.
But more now the financial industry thinks that economic worries have distracted attention from operational, and in particular cyber risks, at banks or in infrastructure like payment systems.