Feeds

Bank of England plans to shove cyber-microscope up nation's bankers

BoE and pals will use govt intelligence to stage pen-tests at financial powerhouses

Build a business case: developing custom apps

The Bank of England today announced it plans to penetrate Blighty’s banks to test the security of their critical computer systems.

Speaking to the British Bankers’ Association, the BoE's exec director of resolution, Andrew Gracie launched CBEST [PDF], a new defence-testing programme that mimics crims who attack crucial networks.

CBEST will use info gathered by the government and security firms get an idea of what makes a modern cyber-robber, and replicate the techniques they use to try to break into British banks. Financial firms will be tested under the framework to figure out where they’re vulnerable, and will then get access to analysts and experts to help them tighten up their security.

“The idea of CBEST is to bring together the best available threat intelligence from government and elsewhere, tailored to the business model and operations of individual firms, to be delivered in live tests, within a controlled testing environment,” Gracie said.

“The results should provide a direct readout on a firm’s capability to withstand cyber-attacks that on the basis of current intelligence have the most potential, combining probability and impact, to have an adverse impact on financial stability.”

The idea is that attacks orchestrated by BoE will be more realistic than the ones the lenders organise to test themselves, because they’ll be planned using more up-to-date information.

The framework was established with the help of UK startup Digital Shadows, security kit vendors and CREST (not to be confused with CBEST) in response to recommendations from BoE's Financial Policy Committee – which said regulators needed to look at computer security risks in more detail and improve resilience to attacks. ®

The essential guide to IT transformation

More from The Register

next story
True fact: 1 in 4 Brits are now TERRORISTS
YouGov poll reveals terrible truth about the enemy within
Microsoft exits climate denier lobby group
ALEC will have to do without Redmond, it seems
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
7 Elements of Radically Simple OS Migration
Avoid the typical headaches of OS migration during your next project by learning about 7 elements of radically simple OS migration.
BYOD's dark side: Data protection
An endpoint data protection solution that adds value to the user and the organization so it can protect itself from data loss as well as leverage corporate data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?