British Bank warns of wave of Russian cyber attacks

Charlie Nunn, Lloyds CEO, told reporters a year after publishing the bank’s full-year results that it had been “on the alert” about managing cyber risks for some time. On Wednesday, government and banking sector leaders discussed preparations for expected cyber attacks in a discussion on Russia.

Banks around the world are preparing to implement tough sanctions packages against Russia. On Tuesday, the British were the first to announce the imposition of sanctions on Russia for its recognition of the independence of the territory of eastern Ukraine. Britain announced sanctions on five banks and three individuals, which many lawmakers found too lenient. Boris Johnson has made more sanctions conditional on Putin’s additional steps, so tougher measures can be expected after the Russian invasion at dawn on Thursday.

Basically, as a bank operating in the UK, Lloyds is not directly exposed to Russia, but is nevertheless preparing for tougher sanctions. Noon says Lloyd’s has the capabilities to enforce existing sanctions and is ready to impose new ones.

(Reuters)

Cover image source: Getty Images

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