According to research from the British Bankers’ Association it was revealed that 93% of large organisations have suffered security breaches in the last 12 months.
With growing concerns that customers and businesses continue to underestimate the threat of cyber security breaches, MP’s have now raised priority to high on their agenda.
Recent security breaches
A recent security breach at one of the US biggest banks, JP Morgan Chase, has triggered growing concerns. This is forcing MPs to discuss the ever-present issue in a series of high-level meetings with regulators and other experts.
The security breach was one of the biggest in banking history and saw customers’ names, addresses, telephone numbers and email addresses compromised. The bank said that no financial information had been stolen – but the threat of such has been enough to force the “influential” group of MPs into action.
What’s on the agenda?
The Telegraph reports that it understands the House of Commons Treasury Select Committee has been assessing the seriousness of the risk posed by cyber criminals, allowing it to work towards addressing the issue further in the coming months.
Andrew Tyrie, chairman of the cross-party Treasury Committee, said that the incident shows how banks are at an almost constant risk of security breaches. He added that the committee, which is one of the most powerful forces in the financial sector, has been looking at the issue of cyber security for several years – repeatedly raising the matter with both banks and regulators.
Tyrie said that firms, regulators and intelligence agencies need to work together to take “reasonable steps to prevent cybercrime.” The British Bankers’ Association have been working with BAE Systems Applied Intelligence in order to protect the banks from such crimes.
Source: Telegraph
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