Britain may need to copy the United States in building a 'super shield"...
LONDON - Britain may need to copy the United States in building a “super shield” against catastrophic cyber attacks or major IT glitches that could cripple the finance industry, a senior Bank of England official said on Tuesday.
But Nick Strange, BoE director of supervisory risk specialists, said individual firms may not be able to meet minimum requirements for restoring services like payments within the timescales to be set and tested by the Bank. Under the industry-led, not-for-profit scheme launched in 2015, companies provide copies of customer account data to a centrally maintained vault.
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