Banks: Cybercrime

Treasury written question – answered on 24th July 2019.

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Photo of Lisa Forbes Lisa Forbes Labour, Peterborough

To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure banks are able to effectively tackle cybercrime.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government is determined to protect consumers and further improve the resilience of the finance sector.

The Financial Authorities (HM Treasury, the Bank of England, Prudential Regulation Authority, and the Financial Conduct Authority) work together to assess, test and improve the operational resilience, including cyber resilience, of the finance sector.

The finance sector also benefits from a dedicated team within the National Cyber Security Centre, who work closely with industry, the Financial Authorities, and the National Crime Agency to protect firms and provide support during incidents.

In July 2018, the Prudential Regulation Authority and the Financial Conduct Authority published a joint Discussion Paper on an approach to improve the operational resilience, including cyber resilience, of firms and financial market infrastructures.

It has also been made easier for customers to report fraud or cybercrime to law enforcement. Action Fraud is the UK’s reporting centre for fraud and cybercrime, providing a central point of contact for information about fraud and financially motivated internet crime.

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