BoE to set IT disruption recovery targets for banks

LONDON (Reuters) – Britain’s major banks will be set targets for recovering from cyber attacks and other disruptions to key services, a senior Bank of England official said on Wednesday.

Lyndon Nelson, Deputy Chief Executive of the BoE’s Prudential (LON:) Regulation Authority arm, said banks need to be resilient to cyber attacks, or IT disruptions like those at TSB bank in recent weeks.

He said the BoE’s Financial Policy Committee has been considering its “tolerance for disruptions” to key functions in the sector.

“As part of this work, it is likely that the FPC will set a minimum level of service provision it expects for the delivery of key economic functions in the event of a severe but plausible operational disruption,” Nelson told a conference.

“I expect this to be a substantial body of work, so it is likely that we will be focused at the beginning and focus on some key economic functions and key providers,” Nelson added.

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