Britain urged to increase cyber security in financial services

December 18, 2016

Britain’s intelligence agencies need to do more to help regulators to protect the financial services industry from cyber crime, the head of an influential parliamentary committee said on Monday.

Andrew Tyrie, a lawmaker in the ruling Conservative Party, said parliament’s Treasury Committee was concerned about the “opaque lines of accountability”, particularly between regulators and intelligence agencies.

While financial regulators are accountable to the Treasury, Britain’s GCHQ security agency reports to the foreign minister, who may be more focused on the need to address state-sponsored cyber crime and terrorism, he said.

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