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Lloyds Joins Bank Cyber Crime Alliance to Share Information on Cyber Crime

Lloyds Banking Group joined an alliance of large banks and law enforcement agencies to share information on cyber crime only weeks before hackers crippled its digital services for more than two days.

The Cyber Defense Alliance was created in 2015 by a handful of banks including Barclays, Santander, and Deutsche Bank to share information about cyber threats with each other and with law enforcement agencies. The venture operates out of an office in the City of London manned by cyber security staff assigned from each of the banks and police officers from the UK National Cyber Crime Unit. Other members include Standard Chartered.

However, despite joining forces with rival banks and law enforcement agencies, Lloyds was unable to fend off a denial of service attack that an international criminal gang unleashed on UK high street lenders last month. The attack, which involved swamping a website with traffic in an attempt to disable it, affected Lloyds and its Halifax and Bank of Scotland brands, leaving many customers temporarily unable to use services such as checking their balance or sending payments.

News Characteristics

Date : Feb 08, 2017
Region : North America
Industry : Banks
Function : Risk Management
Sub-Function : Cyber Risk