HSBC 'being attacked all the time' by online criminals - as boss 'kept awake at night' by cyber threat
The boss of one of the UK's biggest banks says it is being attacked "all the time" by online criminals and he is kept up at night by cyber threats.
"It does keep me awake," HSBC UK chief executive Ian Stuart told the Treasury Committee of MPs.
"Because we can be attacked and we are being attacked all the time."
Mr Stuart said banks were spending "enormous" sums of hundreds of millions of pounds on IT systems - the biggest expense in their businesses.
"Cybersecurity is now very much at the top of our agenda," he added.
Concerns were also highlighted by Lloyds Bank chief executive Charlie Nunn, who said financial fraud will get worse if banks cannot intervene to prevent it and social media and telecoms companies are not incentivised to halt it.
Mr Nunn said the UK "has become the home of fraud", adding that the number of victims is "pretty disturbing" and "individual cases are harrowing".
Major high street businesses, including M&S and the Co-op, have been hit by cyber attacks in recent weeks and had their operations impacted.
1:21
Cybersecurity threats, however, were not behind the several-day outage at Barclays at the end of January, its UK chief executive Vim Maru said.
He added: "We've learned the lessons. We're acting on the lessons, both work done internally, but also with help from third parties as well.
Account holders across the UK have suffered a spate of IT glitches from different banks around paydays this year.
Tens of millions of pounds on IT have been spent and customer glitches have fallen, Mr Maru said.
4:30
He added that the problem at Barclays was a software issue, saying: "We put a fix in place that means that we won't have a recurrence."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
7 minutes ago
- BBC News
Murder arrest after woman found dead in flat in Derby
A man has been arrested on suspicion of murder after a 47-year-old woman was found dead in a were called to the property in Ashe Place, in Normanton, Derby, at about 11:30 BST on investigation has been launched into the cause of her death, police force said this was believed to be an isolated incident, adding a 63-year-old suspect remained in police custody. Ch Insp Lauren Woods said: "As there has been an increased police presence in the area recently we are aware that this may be causing the community concern. "We would like to provide reassurance that this incident is believed to be isolated and took place inside a property."Please feel free to approach them with any information you may have that could help our investigation."
The Independent
8 minutes ago
- The Independent
Europe ends largely higher after US jobs report
European blue-chip stocks ended largely higher on Friday, growing in confidence after a stronger-than-expected US nonfarm payrolls reading. The FTSE 100 index rose 26.87 points, 0.3%, at 8,837.91. The FTSE 250 ended up 87.90 points, 0.4%, at 21,157.28, and the AIM All-Share climbed 2.42 points, 0.3%, at 756.88. For the week, the FTSE rose 0.8%, the FTSE 250 added 0.6%, and the AIM All-Share shot up 1.4%. In Paris, the CAC 40 rose 0.2%, while Frankfurt's DAX 40 ended 0.1% lower. The pound was quoted at 1.3522 US dollars late on Friday afternoon in London, lower compared to 1.3596 dollars at the equities close on Thursday. The euro stood at 1.1387 dollars, lower against 1.1456 dollars. Against the yen, the dollar jumped to 144.93 yen compared to 143.57 yen. The US economy added more jobs than expected last month, although the pace of hiring eased, numbers on Friday showed. According to the latest nonfarm payrolls from the Bureau of Labour Statistics, 139,000 more jobs were added to the US economy in May, topping the FXStreet-cited consensus of 130,000. The pace of job creation abated from 147,000 in April, a figure which was downwardly revised from 177,000. March's figure was revised down to 120,000 from 185,000. It means that in April and March combined, 95,000 fewer jobs were created than previously reported. The unemployment rate in May was 4.2%, in line with consensus and unmoved from April. The BLS said the jobless rate has been in a narrow range of 4.0% to 4.2% over the past year. Schroders analyst George Brown said: 'While it is premature to conclude the US economy will weather the tariff turmoil, the early signs remain encouraging, with a respectable 139,000 jobs created in May. Evidently there is a risk that the hit to confidence eventually leads to a sharp retrenchment. But we view this as unlikely given Donald Trump's first presidency demonstrated this is just part of his unconventional approach to deal-making. 'And while recent court rulings lower the risk of tariffs being raised to prohibitive rates, elevated inflation expectations will mean the Federal Reserve will be wary of falling behind the curve again. As such, our base case remains that the Fed will keep rates on hold for the rest of the year.' The yield on the US 10-year Treasury was quoted at 4.48%, stretching from 4.39% a day prior. The yield on the US 30-year Treasury was quoted at 4.94%, widening from 4.89%. In New York, the Dow Jones Industrial Average was up 0.8%, the S&P 500 climbed 0.9% and the Nasdaq Composite sat 1.1% higher at the time of the closing bell in London. Tesla shares perked up 5.9%, after a 14% slump on Thursday. Nonetheless, the spat between the electric carmaker's chief executive Elon Musk and US president Donald Trump continued. The White House squashed speculation that Mr Trump and Mr Musk would patch up their stunning public feud, saying the US president had no plans to call his billionaire former aide on Friday. Mr Trump lobbed fresh insults at the South African-born Mr Musk a day after the fiery implosion of their unlikely political marriage, saying the tech tycoon had 'lost his mind'. In a telling symbol of how their relationship had deteriorated, the president was even considering selling or giving away a Tesla he had bought to show support for Mr Musk amid protests against the company. On the move in London, banking shares helped support the FTSE 100. StanChart rose 2.9%, while Barclays added 1.9%. Defence stocks, which have enjoyed a strong week, returned some progress. BAE Systems shed 2.6%, snapping a five-day winning streak. Babcock lost 4.3%. Elsewhere, Dr Martens extended gains, adding another 8.7% after a more than 25% jump on Thursday. The boot maker had signalled a return to growth in the year ahead and a refreshed strategy on Thursday. Pinewood Technologies shot up 11%. The Birmingham-based provider of software to the automotive retailing sector said it has agreed to buy out a 51% stake in its joint venture, Pinewood North America, from Lithia UK for 76.5 million dollars in shares. Lithia UK is a wholly owned subsidiary of Oregon, US-based car dealer Lithia Motors. Pinewood said that it will enter a five-year contract with Lithia to roll out its software to all Lithia's current and future sites across the US and Canada by the end of 2028 at the latest. The company said it expects to generate around 40 million dollars in annual recurring revenue from Lithia in North America once its platform has been fully deployed. The biggest risers on the FTSE 100 were Standard Chartered, up 33.50 pence at 1,186.00p, 3i Group, up 115.00p at 4,265.00p, Hiscox, up 25.00p at 1,351.00p, Barclays, up 6.15p at 333.20p, and Aviva, up 11.20p at 626.80p. The biggest fallers on the FTSE 100 were Babcock International, down 48.00p at 1,057.00p, Anglo American, down 76.50p at 2,217p, Endeavour Mining, down 74.00p at 2,312.00p, Antofagasta, down 52.00p at 1,895.50p, and BAE Systems, down 51.50p at 1,930.50p. Brent oil rose to 66.21 dollars a barrel late in London on Friday afternoon, from 65.51 dollars late on Thursday. Gold was quoted lower at 3,330.06 dollars an ounce against 3,364.84 dollars. Monday's economic calendar has a Chinese consumer price inflation reading overnight. As the week progresses, there is UK unemployment data on Tuesday and a gross domestic product reading on Friday. Stateside, there is consumer price inflation data on Wednesday, before the producer price index on Thursday. Next week's UK corporate calendar has trading statements from housebuilder Bellway on Tuesday and grocer Tesco on Thursday.
BBC News
12 minutes ago
- BBC News
Hunt for Sunderland crash driver who left scene on foot
Police are searching for a driver who reportedly left the scene of a two-vehicle crash on collision, involving a white Seat Ibiza and a grey BMW 340i, happened just after 22:30 BST on Saturday near Seat overturned in the crash on the A690 northbound, near the junction with the A19 at the Herrington Interchange, injuring the Police said the BMW driver was reported to have left the scene on foot and asked witnesses to get in touch. The female driver of the Seat was taken to hospital but has since been discharged. Follow BBC Sunderland on X, Facebook, Nextdoor and Instagram.
