Cyber-attacks

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Outages soar by 138% as financial firms 'rely on ageing IT systems'

TSB sign
PA

Financial services firms reported a 138% rise in technology outages over the past year with an 18% increase in cyber incidents, according to The Financial Conduct Authority.

It said nearly half of firms are "still relying on ageing IT systems" with many outages linked to re-platforming and outsourcing failures.

"The most prominent of these is perhaps TSB’s information technology (IT) migration earlier this year," it said.

Megan Butler, the watchdog's executive director of supervision, said: "We are worried that a lot of firms seem overly-confident about their ability to manage flagship IT change programmes and keep their systems up to date.

"Yet this is a level of confidence that simply isn’t supported by the data we’ve collected on the ground."

CYBG shares plunge

Clydesdale Bank logo
Reuters

Shares in challenger banking group CYBG have fallen more than 8% after profits disappointed.

CYBG, which owns Clydesdale Bank and Yorkshire Bank, swung to a full-year loss after it was forced to take an extra £150m charge linked to the mis-selling of payment protection insurance.