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 »

Infosecurity Europe
CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

ZenGRC

ZenGRC

ZenGRC (formerly Reciprocity) is a leader in the GRC SaaS landscape, offering robust and intuitive products designed to make compliance straightforward and efficient.

XYPRO Technology

XYPRO Technology

XYPRO is the market leader in HPE Non-Stop Security, Risk Management and Compliance.

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

TÜV SÜD Academy UK

TÜV SÜD Academy UK

TÜV SÜD offers expert-led cybersecurity training to help organisations safeguard their operations and data.

Directory of Cyber Security Suppliers

Directory of Cyber Security Suppliers

Our Supplier Directory lists 8,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

Baker McKenzie

Baker McKenzie

Baker & McKenzie is an international law firm. Practice areas include Data & Technology.

Hogan Lovells

Hogan Lovells

Hogan Lovells is an international business law firm with offices across Europe, Asia and the USA. Practice areas include Privacy & Cybersecurity.

Identifi Global Recruitment

Identifi Global Recruitment

Identifi Global is one of the UK's leading Cyber Security & IT Recruitment specialists.

Eco Recycling (Ecoreco)

Eco Recycling (Ecoreco)

Eco Recycling is India's first and leading professional E-waste Management Company that has set industry benchmarks with its innovative & environment friendly disposal practices.

Adaptive Shield

Adaptive Shield

Addaptive Shield - Complete Control For Your SaaS Security. Proactively find and fix weaknesses across your SaaS platforms.

RedHunt Labs

RedHunt Labs

RedHunt Labs is a premier Cybersecurity Solutions provider, offering Attack Surface Management solution 'NVADR' and Penetration Testing services.

CrowdSec

CrowdSec

CrowdSec is an open-source & participative IPS able to analyze visitor behavior by parsing logs & provide an adapted response to all kinds of attacks.

SOC Prime

SOC Prime

SOC Prime is the only Threat Detection Marketplace where researchers monetize their content to help security teams defend against attacks easier, faster and more efficiently than ever.

Maxxsure

Maxxsure

Maxxsure provides a platform for executive management, leveraging proprietary technology that identifies, measures, and scores a company’s cyber risks.

CyberQP

CyberQP

CyberQP (formerly Quickpass Cybersecurity) provide Privileged Access Management built for MSPs. Our system is designed to reduce ransomware and social engineering attack risks.

MetaWeb Ventures

MetaWeb Ventures

MetaWeb Ventures is a global venture capital firm focused on pre-seed and seed investments in crypto start-ups.

Druva

Druva

Druva is the industry’s leading SaaS platform for data resiliency, and the only vendor to ensure data protection across the most common data risks backed by a $10m guarantee.

Kubus Hitam

Kubus Hitam

Kubus Hitam are a research-based company focused on cyber security. we strongly believe that innovation and safety are the two keywords for the future business market.

CommandK

CommandK

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

SecureKloud Technologies

SecureKloud Technologies

SecureKloud is a global leader in the Cloud services arena. Our experience in cloud consulting and servicing for highly regulated industries extends more than a decade.

Core42

Core42

Core42 provides a full-spectrum of AI enablement solutions covering cloud, data, cybersecurity and digital services designed for customer success.