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Cyber attacks a bigger risk than Brexit, lenders tell Bank of England

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  • 28/11/2017
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Cyber attacks a bigger risk than Brexit, lenders tell Bank of England
Cyber attacks are a bigger worry for banks and building societies than political risks such as Brexit, the Bank of England’s bi-annual risk survey found.

UK politics, including Britain’s exit from the European Union, was put as the biggest risk to financial stability by most executives from financial companies and large non-financial companies in the Bank’s Systemic Risk Survey.

But lenders were more worried by hacking and digital attacks.

Regulation and taxation was also cited as threat to stability, mentioned by almost a third of executives – a slightly higher proportion than the same survey in the first half of 2017.

Geopolitics, a UK economic downturn, monetary or fiscal policy and property price falls were labelled as the other big risks by executives.

 

More confidence in the UK financial system

Overall, participants were found to be more confident in the stability of the UK financial system over the next three years, compared to the previous survey.

At the same time, the Bank of England published its annual stress test of banks and building societies.

It found that in a recession, buy-to-let lenders would be hit harder than residential mortgage providers.

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