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

Top 5 reasons to deploy VMware with Tegile

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. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
Lawyers mobilise angry mob against Apple over alleged 2011 Macbook Pro crapness
We suffered 'random bouts of graphical distortion' - fanbois
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
Verizon bankrolls tech news site, bans tech's biggest stories
No agenda here. Just don't ever mention Net neutrality or spying, ok?
Inside the EYE of the TORnado: From Navy spooks to Silk Road
It's hard enough to peel the onion, are you hard enough to eat the core?
prev story

Whitepapers

Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
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?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.