Cybersecurity
U.K. Bank Boards Need to Oversee Info Technology, Lawmaker Says
- More investment needed to reduce payment-system failures
- Regulatory group overseeing cybersecurity should be created
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British banks Barclays Plc, HSBC Holdings Plc and Royal Bank of Scotland Group Plc need more information-technology experts on their boards after a series of computer-system failures in the past year left customers cut off from their accounts, according to Treasury Committee Chairman Andrew Tyrie.
Banks need to spend more on modernizing computer systems and boards should take direct responsibility for technology oversight, rather than relying on consultants, Conservative Party lawmaker Tyrie said after investigating the breakdowns. The Bank of England should set up a group to monitor banks and report on IT issues to government, he said.