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Maybe an unlikely impact of the cyber resource problem. If it is true and hedge funds did get access to a backup audio feed, giving them a few seconds heads up. Then there is a potential for the funds to transact ahead of the announcement. It may only be a few seconds but that’s all it takes to place trades. (https://lnkd.in/eTNdFmK)
Cost is always a difficult conversation to have, managing and begin perceived to manage costs is always important. The challenge with security however is how much is enough to spend and how will you know if your spending to much or not enough.
In this case the incident was related to access to a recording, no doubt not an external threat. But one which has, at least caused embarrassment and at worst the potential to give funds, market related information ahead of time. With the cyber threat being so big and in the case of our financial markets, the downside so large and only expected to get more so. With the regulatory changes the BoE and PRA are expecting of its clients and with the market place so buoyant. Staff retention is very important.
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