Banks have to sort out their cyber security or else
The Bank of England is drawing up a "concrete plan" in a bid to sort out the UK's banking system from the looming terror of cyber attacks. This development arose in the Financial Policy Committee (FPC) meeting, after recent attacks on Barclays and Santander.
They warned that there are a number of "potential vulnerabilities" in the banking system and they want everyone, including the Bank of England, to make sure protection is their priority.
The reason that the UK's banks are particularly vulnerable is that they have old and complex IT systems, not to mention a high reliance on a centralised infrastructure (payment systems and clearing houses are all interconnected).
The FPC said that we now need a "concrete plan" in place by the start of 2014, alongside the announcement Ministry of Defence which said they are creating a Joint Cyber Reserve Unit to help defend national security from baddies trying to get at our money and secrets.
Ultimately, the Bank of England and the MoD will form like Voltron and future cyber criminals will be crushed by giant metal hands and fried with lasers. If not, we can burn every bank in Britain.