The European Central Bank (ECB) has published a new Europe-wide framework to conduct controlled and bespoke tests against cyber attacks in the financial sector.

The new framework, called the European Framework for Threat Intelligence-based Ethical Red Teaming (TIBER-EU), will help to carry out cyber attack simulations on a financial entity’s systems.

The simulated attack on the companies’ processes and technologies will enable them to assess their capacity to prevent potential threats.

The framework is expected to encourage a harmonised approach in dealing with cyber threats throughout the Europe by conducting intelligence tests.

Besides all financial sector entities, the framework can also be used by other sectors to test their threat detection and response capabilities.

ECB said that the respective authorities and entities can individually determine when to conduct TIBER-EU based tests.

All tests will provide customised results to the users with deep insight about their system’s strengths and weaknesses as well as assist them to strengthen their cyber security levels.

The TIBER-EU frameworkcan be used by banks, payment systems, central securities depositories, central counterparty clearing houses, credit rating agencies, stock exchanges, insurance companies, asset management companies are other entities.