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Keep Two Bank Accounts To Beat Cyber Attacks, Says Bank of England Adviser (thestack.com)

Posted by samzenpus on from the two-is-better-than-one dept.

An anonymous reader writes: Everyone should keep two bank accounts so they can still access their money if one bank is hit by a cyber attack, a former Bank of England adviser has warned. "I'd certainly rather have two [accounts] in case my bank was attacked. I would want to know I could still get money out of the other one," banking expert Peter Hahn said in an interview with BBC's Today, ahead of the Bank of England's latest Financial Stability Report. According to the report, cyber risk is one of the five greatest dangers facing the UK banking industry.

4 of 172 comments (clear)

  1. Wrong by Chrisq · · Score: 4, Insightful

    According to the report, cyber risk is one of the five greatest dangers facing the UK banking industry.

    The others:

    1) Bankers
    2) Banking
    3) Lying
    4) Cheating

    Those aren't dangers - they're just business as usual

  2. Re:Make it three by AmiMoJo · · Score: 4, Insightful

    This advice is actually supposed to protect the banks, not the customers. If a bank is hacked it has to repay any losses you suffer. Say a business has its account locked and can't pay wages, or someone moving house can't pay for their new home and the sale falls through. The knock-on financial losses could be huge. Hundreds of employees having regular payments fail, black marks on their credit records that they have to get removed, a whole chain of house buyers falling apart, fees for late payments etc.

    So if you have two accounts you can use the other one to make payments, thus lessening the bank's financial liability.

    --
    const int one = 65536; (Silvermoon, Texture.cs)
    SJW, n: "Someone I don't like, and by the way I'm a fuckwit" - AC
  3. The five big fears of banks by Opportunist · · Score: 4, Insightful

    1. Getting bank regulation that deserves that name
    2. Not getting bailed out next time the gambling backfires
    3. A country being able to pay back its debts and thus free to make a move on them
    4. People catching on how things worked out for Iceland and Iceland becoming a role model
    5. Anyone with some clout declaring "this bank is bankrupt". Because that can bankrupt any bank. No matter the size.

    --
    We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
  4. Re:Duel Bank accounts (business) by asylumx · · Score: 4, Funny

    Duel Bank accounts

    Is that a typo and you actually meant "Dual" or are you actually suggesting we have banks fight each other to the death? Because I'm OK with either.