Cyber threats and aggressive regulation

Open to attack

Alexander Campbell

Last year saw several reminders of the degree to which financial institutions depend on their IT infrastructure – and the damage that can result from such dependence. Some were comic – such as the chirpy email and instant-message exchanges between traders at Barclays and UBS as they conspired to rig the Libor rate for profit, seemingly oblivious to the fact that every word they typed would be recorded. Some were more serious – software failures at Knight Capital and RBS cost