A number of large UK banks, securities exchanges and insurance firms are coming together to launch a new body to fight cybercrime, Financial Sector Cyber Collaboration Centre.

It will be working with the National Cyber Security Centre (NCSC) and National Crime Agency (NCA).

The organisation behind the centre is UK Finance, a trade association created in last year via a merger of six smaller domestic associations across finance, banking and payments.

Bob Wigley, chairman of UK Finance, says cyberattacks on the UK’s financial services industry are relentless and “never far from the headlines”.

UK Finance is working closely with its members, Bank of England, Government Communications Headquarters (GCHQ) and NCSC to address “this clear and present danger”, he says, “in a faster, more coordinated and effective way”.

UK Finance’s CEO, Stephen Jones, adds: “Cyber is like NATO – an attack on one is an attack on all. Let’s redouble our efforts to collaborate, not compete, in this critical area and support the development of the Financial Sector Cyber Collaboration Centre.”

Ian Burgess, principal of technology and digital policy delivery at UK Finance, also comments: “Philosophically the finance sector needs to realise that ‘a rising tide lifts all ships’ and that cybersecurity should not be seen as a competitive advantage between companies – the finance sector can only be as strong as its weakest link in this regard.”

Leave a Reply

Your email address will not be published. Required fields are marked *