Cyber attack could be next shock to UK banks, warns KPMG

[InfoSec News <alerts () infosecnews org>]

http://www.computerweekly.com/news/2240203752/Cyber-attack-could-be-next-shock-to-UK-banks-warns-KPMG

By Warwick Ashford
ComputerWeekly.com
19 August 2013

Cyber attack or disruption could cause the next systemic shock to the UK 
banking industry rather than a liquidity crunch, according to the latest 
report from business consultancy firm KPMG.

While the banking industry has addressed many of the problems that had led 
to the financial crisis in 2008, the report said cyber attacks or massive 
systems outages represented new threats.

The report noted that banks had suffered a 12% increase in online account 
fraud in the past year and that six major US banking institutions had 
suffered website outages in 2012.

The report said that the motivation for cyber attacks is shifting from 
financial crime to political and ideological attacks, with the number of 
state-sponsored hacking and hacktivist attacks increasing.

[...]



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