If hackers take down a bank, it could endanger the whole society, says Barclays chairman John McFarlane.

The financial sector needs to do more to protect itself against cybercriminals, as the combination of money and personal data that banks possess represents the "perfect target" for hackers, according to a new industry report.

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"Digital technology has radically changed every aspect of our lives and brought untold benefits.

Of course, with these opportunities it's introduced a new threat which is cybercrime; not only are they after our information, they're after our money and can and will steal it from wherever they choose," said John McFarlane, chairman of Barclays and TheCityUK.

TheCityUK also calls for the creation of a City-wide cyber forum to "to promote collaboration across all firms" in the sector, in order to encourage best practice sharing and strengthen every organisation's cybersecurity.

There is no silver-bullet to manage it, but there are practical steps the industry, and the customers we serve, can take to ensure we're well protected against attack," said Chris Cummings, chief executive of TheCityUK.

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