When it opens later this year, the UK's new National Cyber Security Centre (NCSC) will be collaborating with the Bank of England in regard to new cyber-security guidance for financial firms.

The government has announced that one of first tasks of the NCSC will be to work with the Bank to come up with advice for the financial sector to effectively manage cyber-security.

“This important work with the Bank of England is paramount to ensuring that businesses of all shapes and sizes understand the threats and what they can do to mitigate them,” said Matthew Hancock, minister for the Cabinet Office.

The Cabinet Office has said that the NCSC will be based in London and will begin operations in October, led by Ciaran Martin of GCHQ. The NCSC will be set up to aggregate “the UK's cyber expertise” and “will be the authoritative voice on information security in the UK”.

“The NCSC, in my view, should be under a duty to educate companies not just of the crimes that are currently taking place and prevention measures that can be adopted but also of the private actions that companies can and should implement to combat cyber-crime and recover any losses,” Alan Sheeley, civil fraud and asset recovery expert of Pinsent Masons said.