GCHQ warns of cyber risk

GCHQ director Iain Lobban warned the financial services industry was at risk of cyber attack from terrorists, organised criminals and hostile foreign governments, the BBC reports.

Speaking at the International Institute for Strategic Studies Lobban said he did not want to go into detail about the threat to the UK's "critical national infrastructure" but said it was "real and credible".

"Just because I, as a national security official, am giving a speech about cyber, I don't want you to take away the impression that it is solely a national security or defence issue. It goes to the heart of our economic well-being and national interest."

Prosperity

"Fundamentally, getting cyber right enables the UK's continuing economic prosperity.

"There's a clear defensive angle. In order to flourish, a knowledge economy needs to protect from exploitation the intellectual property at the heart of the creative and high-tech industry sectors. It needs to maintain the integrity of its financial and commercial services."

Opportunity

"There is an opportunity which we can seize if government and the telecommunications sector, hardware and software vendors, and managed service providers can come together.

"It's an opportunity to develop a holistic approach to cyber security that makes UK networks intrinsically resilient in the face of cyber threats.

"That will lead to a competitive advantage for the UK. We can give enterprises the confidence that by basing themselves here they gain the advantages of access to a modern internet infrastructure while reducing their risks."