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Analysts have also warned that a Huawei ban would have a significant impact on the British economy. Huawei is a leading supplier of global network infrastructure, and a recent report from London-based technology analysts Assembly Research estimated that a ban on Huawei would delay the 5G rollout in Britain by up to two years and cost the economy up to 6.8 billion pounds (.8 billion).

Andy Dunn. (Bonobos Photo)

And the disclosure of the Meltdown and Spectre chip design flaws, which leave almost all the computers in the world open to a novel type of attack that can read protected data, kicked off a new arms race in the security community. AWS says it has mitigated the danger from those flaws for its customers, but Spectre is a security problem that will affect everyone in the cloud and enterprise computing world for a very long time as malicious hackers race to find new ways to exploit that style of attack.

Analysts said banks urgently need to respond to the multiple challenges by transforming their business models and improving risk management capability.

An said a lack of infrastructure in the domestic industry was also a major obstacle to developing such a business.