PRA official says financial system must become more cyber-resilient
Firms now view cyber as one of the biggest risks to their operations
Financial systems need to become far more resilient if they are going to withstand growing cyber threats, the deputy chief executive of the UK’s Prudential Regulation Authority says.
Speaking at an Operational Risk Europe conference in London on June 13, Lyndon Nelson said the financial system needs to be able to “absorb shocks” when cyber attacks occur and to recover “quickly”. Building such a system, Nelson said, would be “something to celebrate”.
“For many years now in a large number of
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