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.