Banking expert warns cyber threat is so great we all need two accounts to guarantee access to cash
A leading banking academic and former adviser to the Bank of England has said everyone should have two bank accounts – so they can still access money if a major bank is crippled by a cyber attack.
Peter Hahn, senior fellow in banking at London’s Cass Business School, and between 2009 and 2014 a senior adviser to the Bank of England, said cyber crime was a new and growing risk which tended to be “not discussed”.
While central banks’ grip on the economy seems to be waning, notes Citi’s Matt King, additional liquidity still seems as potent as ever when it comes to propping up global markets. The question in our minds revolves around whether central banks remain willing to keep pumping when the economic benefits are so questionable. Equally, though, valuations are already so elevated that we doubt they can afford to stop. One way or another, this feels like a recipe for increased volatility. Continue reading