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.
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