NCSC boss asked to detail efforts to protect financial services sector against cyberattacks

The head of the UK’s National Cyber Security Centre (NCSC) has been asked to offer more detail into how the financial services sector will be protected from cyberattacks.

Writing to Ciaran Martin, CEO of the NCSC, Andrew Tyrie, who heads up the Treasury select committee, said that in the two months since the organization was created, little information has emerged into this.

Tyrie indicated that a sense of urgency is needed, as insider threats, cyberattacks and “legacy systems” have impacted on the public’s “confidence in the banking system as a whole”.

“On the basis of what is available in the public domain, the lines of responsibility and accountability for reducing cyberthreats still appear to be somewhat opaque."

“On the basis of what is available in the public domain, the lines of responsibility and accountability for reducing cyberthreats still appear to be somewhat opaque,” he continued.

The present structure, Tyrie went on to say, is perhaps too convoluted to deal with cyberattacks against the financial services sector in an effective way.

He suggested that a conversation needs to be had about whether it is necessary for “a single point of responsibility” to be created to oversee things.

“It may be necessary to create a line of accountability to the Treasury for financial cybercrime,” the MP expanded.

“Any new arrangements would need to respect the current statutory responsibilities of the financial regulators. I would be grateful if you could give careful consideration to this suggestion.”

The threat against the financial services sector is increasingly being taken seriously around the world.

Earlier this year, Gottfried Leibbrandt, CEO of SWIFT, said that the global financial community needs to work closer and better.

“There will be more cyberattacks,” he said at the 14th annual European Financial Services Conference in Brussels.

“And inevitably some will be successful. Acknowledging this doesn’t mean we are resigned to it. Rather, it means that we must work even harder at our collective defensive efforts.”