Banks believe cyber attacks will have greatest impact on UK financial system, according to survey

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12th October 2021 14:26 - Financial Services

Banks believe cyber attacks will have greatest impact on UK financial system: A new survey by the Bank of England has revealed that amongst the banks and financial institutions polled, cyber attacks ranked highest when it comes to the risk that stands to have the greatest impact on the UK's financial systems, with almost three-quarters citing it as an issue (74%)

The survey asked respondents from a range of UK financial institutions including UK banks and building societies, asset managers, large foreign banks, hedge funds, pension funds, insurers, large non-financial companies and central counterparties to name the top 5 risks which they believe could impact the UK most acutely,with nearly three-quarters citing cyber attacks. The second highest ranking risk was 'geopolitical risk' (59%) followed by 'risks from pandemics'(57%), while operation risks including climate change were a concern for just under half (48%).

The last time the survey was published was before the pandemic, when the results were a little different. The top answer given pre-Covid when the twice-a-year survey was last conducted, was 'UK political risk'- which was a concern for 90% of respondents at several different times since the UK referendum in 2016. In the latest survey, this has dropped to 40% of respondents revealing concern about it.

However, when respondents were asked to name their number one concern, 38% said pandemics, followed by cyber attacks (19%), then inflation and UK political risk.

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