Bank of England to try and stop cyber crime

11 June 2014

cyber crime The Bank of England is getting tough on cybercrime.

The central bank has been rigorously testing the electronic forces of the nation's banks, in a bid to see how easy it is to wage a cybercrime, and how to counteract it with a beef-up of their security.

Under the central bank’s newly unveiled framework for identifying cyber risk, CBEST, government intelligence will be used by private security firms and licensed computer hacking companies to identify the vulnerabilities of individual financial institutions.

CBEST will then replicate the techniques used by hackers to devise a test to see how successful an attack on a bank might be or whether its defences are resilient enough to repulse it.

It's good news for anyone slightly concerned that their money may be at risk due to the ongoing ravages of futurism like wi-fi only branches of banks, and computer banking.

Andrew Gracie is the BoE's executive director of resolution (which, let's face it, is quite the job title) said that the results of the testings “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 impace on financial stability."

He goes on: “Low-level attacks are now not isolated events but continuous. Unlike physical attacks that are localised, these attacks are international and know no boundaries."

"Cyber risk is not just for technology specialists. This is part of a broader issue of how organisations defend themselves against attack," he said.

Which is all a bit War Games admittedly, but with McAfee suggesting that the global cost of cyber crime is around the £266 billion mark, it's probably a good thing to try and stop it.

TOPICS:   Banking   Scams

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