Bank of England launches threat detection scheme

The Treasury and the Bank of England (BoE) have taken steps in response to comments suggesting that UK financial service firms and banks don’t possess adequate cyber security. The two bodies have developed  an initiative that helps banks identify any vulnerabilities.

CBEST is considered to be the world’s first national central bank, enabling financial services companies to put their security system to the test through simulated attacks, using data from detailed intelligence.

Andrew Gracie, executive director for the BoE, spoke at the British Bankers’ Association conference when launching the scheme.

He 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 to have an adverse impact on financial stability.”

Although the programme is voluntary, Gracie anticipates a substantial take-up due to the numerous benefits offered by the scheme.

CBEST was developed in the wake of last year’s Walking Shark 11 cyber defence simulation, which saw the country’s leading banks tested to see how they would respond to a cyber attack. The results identified a number of issues with regards to communication and collaboration.

Non-profit body CREST is managing the scheme, with cyber intelligence company Digital Shadows contributing to the programme’s design.

Small businesses aren’t typically fortunate enough to have such technology at their disposal in ensuring that their operations are resilient. However, they can always be more aware with regards to potential threats, and do everything they can to identify and thwart any attempts by hackers to access their data. By posting information security vacancies and hiring the right person for the job, they would be taking a huge step in achieving just that.