Many U.K. financial firms don’t have a Plan B to fall back on if they’re hit by a cyber attack. The Bank of England wants to change that.
Financial regulators told firms to come up with a detailed plan for restoring services such as payments, lending and insurance after a disruption, and to invest in the staff and technology to make it work. The plan should include time limits on how long an outage could last.
“Boards and senior management should assume that individual systems and processes that support business services will be disrupted, and increase the focus on back-up plans, responses and recovery options,” the Bank of England and the Financial Conduct Authority said.