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		</div><p>The Bank of England has warned of the “serious and growing threat” to stability posed by a cyber attack at the heart of the UK financial system, as essential firms race to protect themselves.</p>
<p>Hackers could potentially disrupt services “vital” to financial institutions, which are being urged to build their resilience to attacks and develop strategies to recover in the event of a breach.</p>
<p>The UK Financial Policy Committee (FPC) said firms needed to ensure cyber risk was seen as a “strategic priority” in the boardroom – rather than a “narrow technology issue”.</p>
<p>Recent incidents, including the attack on TalkTalk where more than 150,000 customers saw their personal data accessed by hackers, risked undermining confidence in technology firms, the regulator said.</p>
<p>However the damage done to individual firms would be eclipsed by an attack on the country’s financial infrastructure.</p>
<p>The FCP used the example of a 2013 attack in South Korea which hit television stations and the banking system, knocking out cash machines and online banking nationwide.</p>
<p>Addressing the UK’s response to the cyber crime threat formed part of the Bank of England’s Financial Stability Report released today.</p>
<p>A survey showed concern over cyber crime spreading rapidly among UK businesses, far outstripping concerns over other operational risks.</p>
<p>Measures taken by the Bank include testing the vulnerability of firms which underpin the financial system.</p>
<p>After launching the CBEST testing initiative last summer, experts identified 35 “core firms” including the largest banks, investment firms, payment systems, clearing houses and exchanges which required assessment.</p>
<p>To date 10 of the earmarked institutions have completed the tests, while nine are currently undergoing assessment.</p>
<p>A further 12 are preparing to undergo testing and four are in the preliminary stages of evaluation.</p>
<p>Costs of testing and protection are met by each firm individually.</p>
<p>The CBEST framework is due to be absorbed into part of the Bank’s supervisory activity, although members could also be held to account under the Senior Managers Regime.</p>
<p>The UK has joined with the US and a string of major global financial firms to build up co-operation and response to cyber attacks.</p>
<p>The Bank, along with the UK Financial Conduct Authority (FCA) and the Treasury, will review the cyber security of the list of core firms.</p>
<p>The FCP is due to receive a report on work the work next summer.</p>
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