Open a second bank account in case of cyber attack, FCA chief warns

What happened: FCA chief executive Nikhil Rathi warned Britons to open a second bank account in case of a cyber attack or outage, speaking after a Google data centre failure left millions of Revolut customers unable to withdraw funds or use their cards. Key numbers: Around 70pc of websites run on PHP, which had security Why it matters: Rathi said threats to market integrity are "as serious as I have seen them" and that the system responds too slowly, with trust in institutions eroded if problems are not solved quickly. The warning came as the Government launched its "be ready" campaign.

FCA chief executive Nikhil Rathi warned Britons to open a second bank account in case of a cyber attack or outage, speaking after a Google data centre failure left millions of Revolut customers unable to withdraw funds or use their cards.

Rathi said threats to market integrity are "as serious as I have seen them" and that the system responds too slowly, with trust in institutions eroded if problems are not solved quickly. The warning came as the Government launched its "be ready" campaign.