<ul><li>HSBC UK's head, Ian Stuart, expresses serious concerns about the increasing threat of cyberattacks, labelling it as an issue that keeps him awake at night.</li><li>Stuart highlights cybersecurity as a top priority for the banking group, citing the significant costs associated with addressing IT vulnerabilities and recent disruptions faced by retailers like Co-op and Marks & Spencer due to cyberattacks.</li><li>HSBC is investing hundreds of millions of pounds to bolster its IT systems and defences in response to the escalating cyber threat. The bank processes 1,000 payments per second and implements 8,000 IT changes weekly.</li><li>Other major UK banks have reported a total of 158 IT failures between January 2023 and February 2024, with incidents like Barclays' significant outage at the end of January prompting widespread disruption and potential compensation payments.</li></ul>

HSBC boss says cyber attack threat keeps him ‘awake at night’

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