The Bank of England (BofE) has formally rolled out a new framework designed to test for cyber vulnerabilities at financial institutions.
Dubbed as CBEST, the launch of the new framework is part of the BofE’s response to the Financial Policy Committee’s recommendation to test and improve resilience to cyber-attacks.
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CBEST leverages intelligence from Government and accredited commercial providers to identify potential attackers to a particular financial institution.
After that the framework repeats the techniques these potential attackers use in order to test the extent to which they may be successful in penetrating the defences of the organizations.
Upon completion of the test, a series of workshops will be organized for the firm to work through the results with the testers and supervisors.
CBEST provides access to considered and consistent cyber threat intelligence, ethically and legally sourced from organizations that have been assessed against rigorous standards and access to knowledgeable, skilled and competent cyber threat intelligence analysts who have a detailed understanding of the financial services sector.
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By GlobalDataAdditionally, the framework offers realistic penetration tests that replicate sophisticated, current attacks based on current and targeted cyber threat intelligence.
Moreover, CBEST’s standard key performance indicators can be used to assess the maturity of the organisation’s ability to detect and respond to cyber-attacks. It also gives access to benchmark information that can be used to assess other parts of the financial services industry.
The combination of these will enable companies to understand where they are vulnerable, subsequently helping them to be better prepared to implement remediation plans.
