Economic volatility is replaced by cyber crime as the main risk to banks, which are urged to do more to shore up their defences.
Cyberattacks have overtaken economic weaknesses as the main cause of concern for UK banks, according to a survey of industry figures.
The study of senior bankers, risk regulators and market analysts was published in the wake of a series of high profile attacks on UK businesses that have come to light in recent weeks, with victims including TalkTalk and the pub chain JD Wetherspoon.
The research by CSFI and PwC was told by one UK respondent: “We may at some point see a cyberattack so powerful on an individual bank that it has the power to bring down the institution, necessitating a state bailout.”
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