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UK regulator warns banks over threat of Russian-sponsored cyber attack

FCA tells lenders to bolster defences as Ukraine tensions increase

The UK’s financial regulator has told banks to strengthen and test their defences against the threat of Russian-sponsored cyber attacks as the stand-off over the future of Ukraine deepens.

Large banks with operations in the UK have been warned over the heightened risks stemming from Russia’s build-up of more than 100,000 troops around Ukraine, according to two executives who received a so-called “dear CEO” letter from the Financial Conduct Authority.

Regulators noted that the financial sector could be a target for retaliatory cyber attacks if an invasion of Ukraine leads to sanctions on Russian companies or oligarchs with ties to Vladimir Putin, the recipients of the letter said.

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