Banks need a way to restore their core services after a successful cyberattack, Sarah Breeden says. The Bank of England deputy governor told a Bangkok meeting on October 15 that AI advances made cyber risk a threat to the financial system as a whole.
The central bank is working with banks on deep recovery options, Reuters reported from her appearance at the Institute of International Finance. These involve systems independent of normal technology operations that can support core services after a compromise.
Assuming attackers will not get through is no longer enough, Breeden argued. She called for recovery planning across the financial system. Reuters identifies unexpected AI-agent behavior as a regulatory concern alongside hackers and hostile states.
Breeden also described a survey of banks’ readiness for quantum-computing risks. Her remarks set out preparedness work; the report provides no results demonstrating that the recovery plans have been tested successfully.