The Financial Conduct Authority (FCA) has warned UK banks to stress test their cyber defences as fears grow of Russian-sponsored cyber attacks. Banks with large UK operations have been warned of the heightened risk of attack if a Russian invasion in Ukraine leads to strict sanctions, according to the FT. The warnings come as the impact of tensions in Ukraine ripple through the European financial system, with Italy's Unicredit backing out of a potential acquisition in Russia.

(c) 2022 City A.M., source Newspaper