Swedish central bank has decided to adopt new framework to evaluate banks’ resilience against cyber-attacks.
The move will involve Riksbank utilising European Central Bank (ECB)-developed TIBER-EU (Threat Intelligence-based Ethical Red Teaming) framework to devise its national adaptation TIBER-SE.
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TIBER-EU framework standardises tests conducted to assess financial institutions capabilities to combat cyber risks.
Called red team testing, the assessment involves carrying out a controlled simulation of a cyber-attack on an organisation. It helps in identifying the deficiencies in the bank and assists in bolstering their resilience against such cyber-attacks.
The TIBER-EU also harmonises the implementation of red team testing within the EU as well as support cross-border tests.
Riksbank will soon publish guidelines for TIBER-SE. It has also launched a cooperation forum with major domestic players set to undergo testing.
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By GlobalDataThe Swedish central bank also noted that the Netherlands and the UK have worked with such cybersecurity tests.
Subsequently, the ECB started working to develop a framework to harmonise the implementation of such tests across European Union.
ECB published the standard framework in May last year, based on Belgium and Denmark launched their national versions.
In a statement, Riksbank said: “The implementation guide for TIBER-SE describes Sweden’s adaptation of the TIBER-EU framework. Tests under TIBER-SE will be carried out over the next few years.”
