Lloyds, Barclays reported major security incidents – regulators may ask banks to standardize the way they disclose cyberattacks to consumers

Lloyds Banking, Barclays and other UK-based lenders have disclosed major security and operational incidents that cut off customers’ access to payment services, according to the paypers.com.
There were 19 such incidents at Lloyds, 18 at Barclays and 16 at Royal Bank of Scotland Group Plc that prevented customers from using telephone, mobile and Internet banking in the second quarter of 2018. Tesco Bank, which was targeted by cyber-criminals in 2016, reported six incidents in the period. The reports published on the banks’ websites do not explain what caused the outages.

The public reports are part of efforts by the Financial Conduct Authority and Competition and Markets Authority to shine a light on banks’ ability to cope with a wave of hacks and technical problems and help consumers choose the best current account.

Now regulators are allegedly signaling they may ask banks to standardize the way they disclose cyberattacks to consumers.