Katie SimmondsHM Treasury has published a report on the value of cyber resilience in financial services. It looks at how the importance of cyber resilience is increasing as digital technologies become increasingly important to financial institutions. It notes also that frontier AI might influence the nature and delivery of cyber risks. It says that firms that invest effectively in resilience are better placed to recover if there is disruption, and that resilience delivers value that goes well beyond risk reduction.
There is evidence that cyber attacks are becoming more severe, with more significant consequences and increasing reliance on third party suppliers. Financial institutions regard it as an increasing risk, and highly significant incidents are growing.