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BOE Says City Must Step Up Cyberattack Response

Law360, London (June 14, 2018, 1:53 PM BST) -- Financial services firms must set standards for responding to IT failures and implement a common framework to guide them through “severe but plausible” cyberattacks, the Bank of England said in the wake of the data meltdown at TSB PLC.

The central bank said on Wednesday that its financial policy committee — which assesses risks to the financial stability of the U.K economy — will set out the minimum that financial services firms must do to protect “key economic functions” during a cyber incident.

Financial regulators must...
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