What would happen if there's a Cyber Attack?

Gravy0

Hello

Just wanted to ask a "theoretical" (at this stage) question (and hopefully remains theoretical)...

If we were to go into war against Putin or he thought we were taking action against him and launched a cyber attack, or just simply the electronic network and the systems went down for some reason, including the banking systems (think of the queues, at ATMs and supermarkets, that you see in troubled countries).

(1) Would my savings be protected until after the war/cyber attack?

(2) Would it be a good idea to have a cash float at home for immediate urgencies until systems are restored (as I never use or have cash on me anymore)?

I know it's all theory but just wondered if anyone knew how protected/secure our banking and general electronic systems are, and if there's contingency plans in place for disaster and war situations.

Zanderman

The short answer to question 1 is probably yes (unless we lost any war, in which case there are no rules left)

And I'd say yes also to question 2. If the banking system went down then there would be no transfers, no ATMs operating, no anything.  Even shop tills might cease to work. Cash, in that situation, would be the only way of paying for anything, other than bartering with goods.

At Zanderman Towers we already keep a few hundred quid in the house in case of computer outages. It doesn't do any harm and is rarely needed, but can be useful. I needed £40 cash suddenly only last week, for a facebook purchase. Cash is still useful - so yes keep some in the house (I always have £20 or so in my wallet too, there's no reason not to). 

Gravy0

I was thinking more along the line of a couple of thousand in case of Putin attacking us, but thanks for your reply, I'll go get a bit out - very helpful

MEM62

Gravy0 said:

I was thinking more along the line of a couple of thousand in case of Putin attacking us

In that case you will need ammunition, not cash.  

EssexExile

What you could buy with the cash would be very limited, all supply chains would be disrupted. I'm keeping my head well buried in the sand.

Downthedrain

Not so long ago the DVLA 'lost' thousands of record of motorcycle licenses and would not accept any proof whatsoever of those individuals' entitlement. In one case a police motorcyclist was affected. Even if you had a copy of your licence, it was rejected as evidence. You would think that their systems would be robust enough not to lose data. Ever since then I've wondered what would happen to a major data loss within a financial institution - where would the burden of proof lie? How do we actually know if a bank's data integrity is any good under the most severe cyber attack? Where would you stand if a bank said they had no record of your savings? 

Ergates

Gravy0 said:

Hello

Just wanted to ask a "theoretical" (at this stage) question (and hopefully remains theoretical)...

If we were to go into war against Putin or he thought we were taking action against him and launched a cyber attack, or just simply the electronic network and the systems went down for some reason, including the banking systems (think of the queues, at ATMs and supermarkets, that you see in troubled countries).

(1) Would my savings be protected until after the war/cyber attack?

(2) Would it be a good idea to have a cash float at home for immediate urgencies until systems are restored (as I never use or have cash on me anymore)?

I know it's all theory but just wondered if anyone knew how protected/secure our banking and general electronic systems are, and if there's contingency plans in place for disaster and war situations.

It's not an "if" or even a "when".  Most major institutions in Europe (banks universities, government agencies etc) are under constant cyber attack.   Many of these attacks originate in Russia (not necessarily associated with the Russian government - probably mostly just gangs and bored teenagers).

penners324

If things got that bad then cash would be worthless as well.