UK Banks Reluctant to Report Extent of Relentless Cyber Attacks

Concern some banks are not sharing data on harmful intrusions.

By Lawrence White

Britain’s banks are not reporting the full extent of cyber attacks to regulators for fear of punishment or bad publicity, bank executives and providers of security systems say.

Reported attacks on financial institutions in Britain have risen from just 5 in 2014 to 75 so far this year, data from Britain’s Financial Conduct Authority (FCA) show.

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