HSBC's UK arm is facing relentless online criminal attacks, making cybersecurity its top priority and biggest financial burden, costing hundreds of millions yearly. Ian Stuart reassured MPs about the importance of robust defense mechanisms, especially as digital banking increases with branch closures. He noted the staggering volume of transactions processed and changes made weekly in IT systems, emphasizing that while continuous service can't be guaranteed, the focus should be on rapid recovery. Recent scrutiny has highlighted how bank IT failures have impacted customer experiences significantly.
The need to keep a bank's systems operating seamlessly 24 hours a day has increased as branch closures push customers to digital banking.
Ian Stuart emphasized that cybersecurity is now HSBC's biggest expense, costing hundreds of millions, as online attacks are a constant threat.
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