COMMONS

Chair on cybersecurity in the financial services sector

19 December 2016

Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, has written to Ciaran Martin, Chief Executive of the National Cyber Security Centre, about cybersecurity in the financial services sector.

Commenting on the correspondence, Mr Tyrie said:

"The Committee has serious concerns in the cyber area: the opaque lines of accountability between the relevant authorities, particularly the regulators on the one hand and intelligence agencies on the other, and a very high degree of reliance on information from the intelligence community.

It is essential that the intelligence community gives the regulators the technical and practical support they need to do their job. This means making sure that financial cyber crime has a high priority, and is not subordinate to other work. Failure to do so would inhibit the ability of financial institutions to maintain an adequate level of protection for millions of consumers.

It is for consideration whether a single point of responsibility for cyber risk in the financial services sector is now required. Certainly, as millions of customers are exposed to the risks of cyber crime, a higher level of scrutiny and accountability for existing arrangements is needed."

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