Written question asked by Lord Maginnis of Drumglass (Independent Ulster Unionist) on Monday, 29 October 2018, in the House of Lords. It was due for an answer on Monday, 12 November 2018. It was answered by Lord Bates (Conservative) on Thursday, 8 November 2018 on behalf of the Treasury.

Bank Services: Hacking

Question: To ask Her Majesty's Government what statutory reporting systems banks in the UK are subject to in respect of money stolen from customer accounts through hacking.

Answer

Under the Financial Services and Markets Act 2000, both the Bank of England and the Financial Conduct Authority have powers that require regulated firms to report to them when that firm suffers operational disruption from a cyber attack.

Under the European Banking Authority’s Payment Services Directive 2 regulation, firms are also required to report operational or security disruption of payments services to the Financial Conduct Authority.

Secondary information

Type: Written question
Reference: HL11089
Session: 2017-19
Subjects: Disclosure of information Bank services Theft Hacking
Link: View this Written question on www.parliament.uk

Bank Services: Hacking

Secondary information

Librarians' tools