26 May 2016
The potential policy shift could see firms or individuals with poor online security left without compensation if their bank accounts are hacked. Customers vulnerable to criminal hacking could also be locked out of vital online banking services under the proposals, the Financial Times reported on Wednesday.
In a climate of ever-evolving cyber threats, UK authorities have become increasingly concerned about the damage cybercriminals could wreak over Britain’s national and economic security. Banks are also worried about fraud losses mounting on their books.
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