Lloyds and RBS customers set for boost after law change | Personal Finance | Finance

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Lloyds and RBS bank customers are set for a boost after a law change introduced by the Government.

Customers at both banks are set for an extra layer of online banking protection after the Department for Science, Innovation and Technology issued new laws on passwords which it says resulted from the need to protect bank users from cyber attacks and the ‘disruption’ they cause.

The law change forces technology manufacturers to use much stricter new password rules on all devices, including phones, laptops and even fridges, including devices that have access to online banking.

The laws mean ‘weak’ passwords like ‘admin’ or ‘12345’ are now banned in a world-first change.

The Government’s Department for Science, Innovation and Technology said: “Manufacturers will be legally required to protect consumers from hackers and cyber criminals from accessing devices with internet or network connectivity – from smartphones to games consoles and connected fridges – as the UK becomes the first country in the world to introduce these laws.

“Under the new regime, manufacturers will be banned from having weak, easily guessable default passwords like ‘admin’ or ‘12345’ and if there is a common password the user will be promoted to change it on start-up.

“This will help prevent threats like the damaging Mirai attack in 2016 which saw 300,000 smart products compromised due to weak security features and used to attack major internet platforms and services, leaving much of the US East Coast without internet.

“Since then, similar attacks have occurred on UK banks including Lloyds and RBS leading to disruption to customers.”

The government added: “The laws are coming into force as part of the Product Security and Telecommunications Infrastructure (PSTI) regime, which has been designed to improve the UK’s resilience from cyber-attacks and ensure malign interference does not impact the wider UK and global economy.”

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