Banks globally are expected to spend 11 percent of their $290 billion IT budgets on cyber defences this year
UK banks are ramping up their cybersecurity efforts amid rising threats, with experts warning that a serious cyber-attack could cripple financial infrastructure, block transactions, and spark public panic.
According to The Guardian, as the sector faces relentless attacks, HSBC UK's chief Ian Stuart described cybersecurity as the bank's "biggest expense," highlighting a broader industry trend where banks globally are expected to spend 11 percent of their $290 billion IT budgets on cyber defences this year.
Analysts say the complex, layered nature of banks' IT systems and their reliance on third-party software increases exposure to threats.
While no attack has yet brought a UK bank to a standstill, past breaches at Tesco Bank and Morgan Stanley underscore real vulnerabilities.
The Bank of England, working with intelligence agencies and the National Cyber Security Centre, has led efforts like ethical hacking tests and cyber war games to assess resilience.
Written by
Dan Raywood is a B2B journalist with 25 years of experience, including covering cybersecurity for the past 17 years. He has extensively covered topics from Advanced Persistent Threats and nation-state hackers to major data breaches and regulatory changes.
He has spoken at events including 44CON, Infosecurity Europe, RANT Forum, BSides Scotland, Steelcon and the National Cyber Security Show, and served as editor of SC Media UK, Infosecurity Magazine and IT Security Guru. He was also an analyst with 451 Research and a product marketing lead at Tenable.
