14 DAY TRIAL // The Bank of England will reportedly oversee an ethical hacking program that’s designed to determine just how resilient banks and other financial organizations are to cyber threats.
According to The Financial Times (registration required), the systems of over 20 institutions will be tested. Security experts will conduct penetration testing based on a certification scheme called Crest.
The attack scenarios will rely on information from intelligence reports on terrorists, state actors and profit-driven cybercriminals.
The Bank of England hasn’t released any information to the public regarding its plans. However, FT reports that organizations such as the Royal Bank of Scotland (RBS) and the London Stock Exchange are likely to participate.
People familiar with the initiative have told the publication that a pilot has already been conducted.
Back in November 2013, the representatives of almost two dozen British banks and other financial institutions took part in a cyber security exercise dubbed Waking Shark II.
In February, the Bank of England published a report on the exercise. At the time, the central bank noted that it would consider naming a single coordination body to manage communications across the financial sector.
It also advised companies to remember that they had to report incidents not only to their respective regulators, but also to law enforcement.