Question to the HM Treasury:

To ask Her Majesty’s Government whether they have plans to introduce standards to minimise the risk of the malfunctioning of electronic financial transactions and data storage by financial and public organisations; and what information is available to the general public to enable them (1) to choose which organisations and services to use, and (2) to know whether or not to use electronic systems depending on those services.

This question was answered on 5th May 2016
On 18^th March, the Minister for the Cabinet Office and Paymaster General, Matthew Hancock, announced that the new National Cyber Security Centre will work with the Bank of England to produce advice for the finance sector for managing cyber security effectively. This will build on tools such as the Cyber Essentials scheme, which sets out the technical controls organisations should have in place to demonstrate that they are following a basic level of ‘good practice’ in terms of their cyber security.

It is the responsibility of firms to ensure the resilience of their Information Technology (IT) systems. Through the Dear Chairman Exercise I and II, the Financial Authorities have assessed large UK deposit-takers’ technology resilience, and are working with firms to ensure that further improvements are made and customers are protected.