Bank of England Testing Banks' Cyber Resilience

Britain's banks will have to show they could recover from a cyber-attack within hours to avoid customer payments being delayed to the next day, the Bank of England has announced 

The BoE said it would hold a pilot cyber stress test of lenders mid-2019 but individual results won't be published. The "severe but plausible" test will look at how banks' could withstand a cyber-attack and how quickly they would recover so that payments can continue.

The pilot test will look at the payments system of a bank going down, but future tests would also likely include data being corrupted, the BoE's Financial Policy Committee (FPC) said.

Banks, which the BoE did not name, will have to show that payments made on the day of the theoretical cyber-attack are completed that day.

"The pilot exercise would be launched in the summer. Ahead of that the Bank would engage with firms to arrange appropriate and proportionate coverage of the pilot exercise," the FPC said.

It also said that this year's annual stress test of major banks for resilience to market and economic shocks would be largely in line with the 2018 exercise, a nod to the Bank's view that lenders hold enough capital in general.

There would also be no major change to the thresholds that banks must stay above to pass the test without having to find more capital. The results are published in the fourth quarter. Next year's stress test will include CYBG bank, and the standalone ring-fenced arms of the main lenders.

Euronews:            Image: Nick Youngson

You Might Also Read:

Banks Attacks Up Sixfold Last Year:

Barclays Fights Off Cyber-Attacks Daily:

« Qbot Banking Malware Can Infect Cybersecurity Firms
WordPress Comprises 90% Of Hacked Sites »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

ManageEngine

ManageEngine

As the IT management division of Zoho Corporation, ManageEngine prioritizes flexible solutions that work for all businesses, regardless of size or budget.

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

Clayden Law

Clayden Law

Clayden Law advise global businesses that buy and sell technology products and services. We are experts in information technology, data privacy and cybersecurity law.

North Infosec Testing (North IT)

North Infosec Testing (North IT)

North IT (North Infosec Testing) are an award-winning provider of web, software, and application penetration testing.

Perimeter 81 / How to Select the Right ZTNA Solution

Perimeter 81 / How to Select the Right ZTNA Solution

Gartner insights into How to Select the Right ZTNA offering. Download this FREE report for a limited time only.

Netresec

Netresec

Netresec is an independent software vendor with focus on the network security field. We specialize in software for network forensics and analysis of network traffic.

DynaRisk

DynaRisk

DynaRisk helps companies protect their staff, clients and supply chain from cyber threats by enabling people to take action for themselves.

ClearBlade

ClearBlade

ClearBlade is the Edge Computing software company enabling enterprises to rapidly engineer and run secure, real-time, scalable IoT applications.

Dracoon

Dracoon

DRACOON is market leader in the German-speaking region for secure enterprise file sharing.

Global Cybersecurity Forum (GCF)

Global Cybersecurity Forum (GCF)

Global Cybersecurity Forum is a catalyst platform designed to create a more resilient and better cyberworld for all.

Alpine Security

Alpine Security

Alpine Security provides penetration testing, security assessments and cybersecurity training services.

Cyber Security Operations Consulting (CyberSecOp)

Cyber Security Operations Consulting (CyberSecOp)

CyberSecOp is an ISO 27001 Certified Organization which provides cyber security operations services and risk management consulting.

Chartered Institute of Information Security (CIISec)

Chartered Institute of Information Security (CIISec)

CIISec is dedicated to helping individuals and organisations develop capability and competency in cyber security.

Digital Silence

Digital Silence

Digital Silence is a world-class provider of information security research and consulting services.

Strac

Strac

Eliminate Personal Data Risks from your business. Our Dataless SaaS removes the need to manage sensitive data across web, mobile apps, servers and communication channels.

Onyxia Cyber

Onyxia Cyber

Onyxia's unique dynamic cybersecurity platform identifies gaps and prioritizes recommendations for proactive cybersecurity strategy, performance, remediation and management.

CommandK

CommandK

CommandK provides companies with infrastructure to protect their sensitive data. Built-in solutions to prevent data-leaks and simplify governance.

Focus Digitech

Focus Digitech

Focus Digitech helps you with your digital transformation journey with our main core offerings of Cloud, Cybersecurity, Analytics and DevOps.

ThreatER

ThreatER

ThreateER (formerly ThreatBlockr / Bandura Cyber) is a cybersecurity platform that provides active network defense by automating the discovery, enforcement, and analysis of cyber threats at scale.

LOCH Technologies

LOCH Technologies

LOCH Wireless Machine Vision platform delivers next generation cybersecurity, performance monitoring, and cost management for all 5G and for broad-spectrum IoT, IoMT and OT wireless environments.

InfoSight

InfoSight

InfoSight offers proven Cyber Security, Regulatory Compliance, Risk Management and Infrastructure Solutions to protect your business and your customers from cyber crime and fraud.