Bank of England launches cyber security scheme

The Bank of England is launching a scheme to help technology firms overcome certain challenges.

The bank wants to work closely with FinTech companies, specifically to improve such areas as cyber security and data analysis.

The scheme will see a FinTech Accelerator launched, which will help tech firms uncover digital answers to the problems they are currently facing.

Governor Mark Carney was scheduled to make an announcement on the scheme last Thursday. However, it was cancelled after the death of Jo Cox MP.

Carney said about the project:

“The accelerator will work with new technology firms to help us harness FinTech innovations for central banking.

“In return, it will offer firms the chance to demonstrate their solutions for real issues facing us policymakers, together with the valuable ‘first client’ reference that comes with it.”

Carney went on to say that, in time, the scheme will result in a business network in this sector that will benefit banks and tech firms alike.

Cyber security has ranked high in the list of the government’s main concerns in recent years (and the UK isn’t the only country where that is the case). Fortunately, they are taking steps to address those concerns, and now so are the financial industry. However, it also comes down to individual businesses to improve their own cyber security. Offering IT security jobs to those with the skills necessary to secure their systems, as well as customer data, is essential to the modern business.