Bank of England deserves to be embarrassed about security breach
over 5 years in The guardian
FCA must now decide how serious breach really is – and who to blame
No one has dug into the vaults of the Bank of England and pilfered a gold bar, but security breaches for a central bank in the 21st-century age of information do not come much worse than this. Hedge funds have managed to gain access to an audio feed of the governor’s press conferences, thereby securing for themselves an advantage of a few seconds over viewers of the slightly delayed TV broadcast. In modern frantic markets, seconds can matter.
The misuse of the audio feed by an unnamed third-party supplier is “wholly unacceptable”, said the Bank after the report by the Times. The governor, Mark Carney, will be squirming with embarrassment. He arrived in 2013 on a mission to modernise the Bank’s operations and information security was top of the list. Now Threadneedle Street stands accused of gross naivety. Continue reading...
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