To ask Her Majesty's Government what steps they have taken to audit the proportion of the UK's cash network that uses technology either (1) developed, or (2) manufactured, in states which may be hostile to the UK's interests.
18 November 2021
Ensuring the operational resilience of the financial services sector and the protection of consumers is a key priority for the Government.
Responsibility for the UK financial services sector’s networks and online services is primarily for the firms themselves. However, Government, in partnership with the financial regulators, is committed to driving improvements in resilience and reducing vulnerabilities within the finance sector, including those posed by advances in digital technology.
In March 2021, the financial regulators published their new operational resilience policy which will increase the finance sector’s resilience to threats posed by technological failure and disruption. It will ensure firms are better equipped to prevent, adapt, respond to, recover and learn from operational disruption.
Increasing the sector’s resilience to advancements in technology remains a key priority for the Government and financial regulators, including through close cooperation with other sectoral regulators and financial regulators internationally. The financial regulators will publish a Discussion Paper focusing on risks stemming from critical third parties in 2022.