Lloyds CEO Charlie Nunn told reporters a year after the bank released its full-year results that he had been “cautious” about cyber risk management for some time. On Wednesday, government and banking leaders discussed preparations for a possible cyber attack on Russia.
Banks around the world are preparing to impose tough sanctions on Russia. On Tuesday, the British were the first to announce sanctions against Russia for recognizing the eastern part of Ukraine as an independent state. Britain has announced sanctions against five banks and three individuals, with many lawmakers finding it too lenient. Boris Johnson has conditionally imposed additional sanctions on Putin’s actions, so expect more drastic action following Russia’s invasion on Thursday morning.
As a bank operating primarily in the UK, Lloyds has no direct exposure to Russia, but is preparing for tougher sanctions. Nun says Lloyds has the capabilities to implement current barriers and is ready to introduce new ones.
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