U.S. Markets

BoE's Ramsden tells banks to be careful in managing outage risks

FILE PHOTO: Bank of England Deputy Governor for Markets and Banking, Dave Ramsden attends a Bank of England news conference, in the City of London, Britain November 1, 2018. Kirsty O'Connor/Pool via REUTERS

LONDON (Reuters) - Bank of England deputy governor Dave Ramsden said on Wednesday that banks needed to be very careful in how they managed risks that could cause outages to their services.

While cyber attacks are a very material risk, not all outages were due to hacking, Ramsden said.

“We have to be incredibly careful in managing risk around outages,” Ramsden told a conference in London hosted by the Association for Financial Markets in Europe.

Reporting by Huw Jones, writing by Andy Bruce, editing by David Milliken