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The article reports on the concerns expressed by the British Financial Conduct Authority (FCA) over the ability of the information technology (IT) systems of banks to prevent cyber crime following an attack on Tesco Bank that led to customer losses from fraudulent transactions. It presents the views of Tesco Bank chief executive officer (CEO) Benny Higgins on the issue and FCA chief execuive Andrew Bailey on the cyber security capability of banks amidst security risks.

At the beginning of July, the Bank of England (BoE) and Financial Conduct Authority (FCA) gave notice to the UK's financial institutions that they had three months in which to produce reports on how they avoid IT failures and mitigate cyber-attacks. [ABSTRACT FROM AUTHOR]