Lloyds says there is a drop in cyber-attacks on banks

News by Greg Masters

Lloyds Banking Group, a London-based financial institution, claimed it's seen a substantial reduction in the number of cyber-attacks it was hit with this year, according to The Telegraph newspaper. 

While acknowledging an increase between June and February in the number of cyber-attacks within the UK, Miguel-Ángel Rodríguez-Sola, Lloyds' digital director, said over the past two months he's seen five times less cyber-attacks targeting Lloyds than at the end of last year.

Rodríguez-Sola posited that because of more evolved partnerships with law enforcement authorities and improved technology defences put in place to protect online financial institutions, fraudsters are now going after easier, less-protected targets. He pointed to the UK telecommunications industry, which has been hit hard of late.

While he did not provide exact details on the added protections his bank has put in place, he stated that new defences and more layers were necessary for digital development.

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