Financial Firms' Operations Must Be Outage-Proof, BoE Says
Law360, London (May 14, 2019, 6:19 PM BST) -- Banks and insurers must ensure they can continue providing services to their customers and the wider economy if they are infected with cyberattacks or plagued by IT outages, the Bank of England said Tuesday as it proposed revamping its approach to financial resilience.
Nick Strange, a director at Britain’s central bank, said the BoE plans to write rules that will require financial institutions to ensure that they are resilient to operational risks. The requirement will mark a shift in the watchdog’s supervisory approach, which has traditionally focused on only ensuring banks hold enough capital to stay solvent and liquid.
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!