Banks and regulators accused of leaving customers at mercy of cyber criminals

‘Banks are compromising the security of millions of bank customers by failing to address the growing threat of cyber-attacks, a prominent MP has warned.
In a letter published last week, Andrew Tyrie, who heads the Treasury Committee, called for “vigorous action” from both regulators and banks to remedy cyber security weaknesses within the sector.
The Conservative MP has urged Andrew Bailey, head of the Financial Conduct Authority (FCA) and Sam Woods, deputy governor of the Bank of England and CEO of the Prudential Regulation Authority (PRA), to do more to bolster IT security in financial services in light of major IT lapses.’
Read more: Banks and regulators accused of leaving customers at mercy of cyber criminals