British Banks Not Fully Reporting Cyber Attacks, Fear Punishment, Bad Publicity

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British Banks Not Fully Reporting Cyber Attacks, Fear Punishment, Bad Publicity

By CircleID Reporter
October 14, 2016, 5:38 pm PDT Views: 3,844 Add Comment

“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,” reports Lawrence White in Reuters today: “Reported attacks on financial institutions in Britain have risen from just 5 in 2014 to 75 so far this year… However, bankers and experts in cyber-security say many more attacks are taking place. In fact, banks are under almost constant attack… [Shlomo Touboul, Chief Executive of Israeli-based cyber security firm] cites the example of one large global financial institution he works with which experiences more than two billion such ‘events’ a month, ranging from an employee receiving a malicious email to user or system-generated alerts of attacks or glitches.”

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