Banks are facing more frequent and serious cyber attacks, which are hitting the headlines with depressing regulatory. The Petya ransomware offensive that struck some of the world’s largest companies, including banks, in more than 60 countries in June was just one of many recent incidents that have sounded alarm bells at bank headquarters.
In August, the UK’s National Crime Agency announced that a British man had been extradited from Germany to face charges of launching cyber attacks against Barclays and Lloyds Banking Group in January. While Barclays had fended off the assault, Lloyds succumbed to the 'denial of service' that brought down its digital services for more than two days.
