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UK regulator warns banks about cyber risk amid new ring-fencing rules

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U.K.'s regulator Financial Conduct Authority said that local banks could become vulnerable to cyber attacks following changes to account data of about a million clients as part of new ring-fencing rules, Bloomberg reported citing sources. The ring-fencing rules require banks with more than $33 billion in deposits to separate core services such as checking and savings accounts from riskier investment banking by 2019. "In creating a new system that houses personal data, you are opening up security holes," said James Tedman, managing director at U.S.-based cyber security risk assessment firm ACA Aponix.

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