Cyber Attacks a Major Worry for UK Bank Bosses, Says HSBC CEO
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HSBC UK’s CEO, Ian Stuart, has shared a serious concern: the growing threat of cyber-attacks keeps him awake at night. Speaking to the UK Parliament’s Treasury Committee, Mr. Stuart said that cybersecurity is now one of the most important issues facing banks, including HSBC.
He explained that banks are constantly targeted by cybercriminals. “We are being attacked all the time,” he said. Protecting against these attacks and fixing weaknesses in IT systems has become a huge and expensive challenge for the banking industry. HSBC alone is spending hundreds of millions of pounds to improve its cybersecurity and IT systems.
Banks Face Growing Number of Cyber Threats and System Outages
Mr. Stuart was one of several banking leaders giving evidence to MPs, who are investigating how vulnerable UK banks are to technology failures and hacking. Recent data revealed that in the last two years, nine major banks and building societies in the UK experienced over 800 hours of tech outages—that’s the same as 33 full days of downtime.
In addition to banks, major retailers like Co-op and Marks & Spencer have also suffered from cyber-attacks, showing that the problem affects many industries.
Cybersecurity expert Lisa Forte from Red Goat said that Mr. Stuart’s warning was “incredibly important.” She noted that cyber-attacks are becoming more frequent and more severe, and that criminals are finding better ways to profit from hacking. She warned that it’s not a matter of if a company will face a cyber-attack, but when.
Cybersecurity Critical to Trust in the Banking System
Mr. Stuart said banks need strong security systems to protect their customers and operations. HSBC, for example, processes 1,000 payments every second, and makes 8,000 IT system updates every week. This shows just how large and complex modern banking systems are, and how important it is to keep them secure.
Professor Oli Buckley, a cybersecurity expert from Loughborough University, agreed that cyber threats are becoming more relentless and sophisticated. He emphasized that cybersecurity is not just about protecting personal information. It’s also about maintaining public trust in the banking system. A major cyber-attack could cause huge damage to customer confidence and the wider financial markets.
Other Banks Also Facing IT Issues
Other major UK banks such as Barclays, Lloyds, Nationwide, Santander, NatWest, Bank of Ireland, and Danske Bank have also reported IT problems. Between January 2023 and February 2025, these banks experienced 158 separate IT failures.
One major example was Barclays’ IT outage in January, which happened on a key payday. The issue caused serious disruptions, including delays for people moving house, and could lead to compensation costs of over £12 million. Barclays CEO Vim Maru apologized to customers, saying there was no evidence of hacking or a cyber-attack, but the disruption was significant.
In February, following the Barclays incident, 1.2 million people in the UK were affected by more banking outages, this time at Lloyds, TSB, Nationwide, and HSBC.
