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Bank of England Examines Cyber-Resilience Of The Banking Industry

Bank of England Examines Cyber-Resilience Of The Banking Industry
  • The Bank of England is warning companies to take steps to prevent cyber-attacks. A study by the institution found that many firms within the UK financial sector are not prepared for the impact e-crime could have on their operations and has called for improvements in information security. The comments come following the results of Waking Shark II – a simulated attack against the country’s markets.

    It was also stressed that regulators need to be given more information about attacks and how to ensure businesses are prepared. The Bank of England’s financial policy committee has previously called on banks to look at protection against cyber-attacks and Waking Shark II played a crucial part in testing whether such recommendations had been followed. A total of 220 people from banks, regulators and others took part in the project and it was concluded that increased communication is needed within the industry to help protect financial data. 

  • One option could the creation of a new cyber security information sharing partnership (CISP) to help coordinate resources and advice on the matter. “The CISP platform was heavily used during the exercise, truncating three days of activity into a few hours. This highlights the value of the facility in identifying and responding to a cyber-event and also the amount of work required from the Fusion Cell in managing the information,” the Bank of England said. Vince Cable recently warned UK industry needs to take cybercrime seriously and be aware of the major ramifications of an attack. “Cyber-attacks are a serious and growing threat to British businesses, but it is particularly important that those industries providing essential services such as power, telecommunications and banking are adequately protected to avoid disruption to our everyday lives,” added Mr Cable.

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