Lloyds Bank on ‘high alert’ for Russian cyberattacks Business

Britain’s biggest bank said it was on “high alert” for Russian-sponsored cyberattacks following Vladimir Putin’s invasion of Ukraine.

Lloyds chief executive Charlie Nunn said that although the lender’s business is not particularly exposed to Russia, the threat of cyberattacks was discussed at a meeting in Downing Street with bank bosses yesterday.

“We have been on heightened alert internally for a few months,” he said, adding that all internal controls are now “strengthened and elevated” with staff trained in potential risks.

Andy Croft, head of wealth manager St James’s Place, also warned he was “on high alert” for Russian-sponsored cyberattacks.

The FTSE 100 company said it was “extremely” aware of the heightened risks of such attacks following Russia’s invasion of Ukraine and the likelihood of retaliatory attacks as the West imposes tough sanctions on the country. Kremlin.

Mr Croft said St James’s Place had limited exposure to the financial fallout from the crisis, but had funds invested in Russian stocks and bonds.

Earlier this month, banks were warned by the city’s watchdog to prepare for cyberattacks from Russia. The Financial Conduct Authority (FCA) has told bank chiefs that the financial sector is likely to face retaliatory attacks if the West takes action against Russian companies or oligarchs.

The European Central Bank (ECB) has also reminded banks in recent weeks to maintain their cyber defenses, with regulators likely to intensify that message in the coming days after Russia launched its long-awaited military operation in Ukraine on Thursday.