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Attacks/Breaches

7/5/2018
11:45 AM
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UK Banks Must Produce Backup Plans for Cyberattacks

Financial services firms in Britain have three months to explain how they would stay up and running in the event of an attack or service disruption.

The Bank of England and Financial Conduct Authority have given UK financial services firms three months to produce backup plans explaining how they would respond to cyberattacks and avoid technical shutdowns, Reuters reports.

Financial services organizations are particularly vulnerable to cybercrime, as recently indicated by issues with Visa and UK bank TSB, where an April outage prevented customers from accessing online accounts. Regulators say the risk reflects a failure among banks and insurers to upgrade their systems, and demand they have strategies in place if systems are disrupted.

Businesses have until October 5, 2018 to produce their backup plans. If they fail to do so, or if their plans fall short of regulators' standards, they may be required to increase their capital levels or invest in their systems' resilience to cyberattacks.

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Joe Stanganelli
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Joe Stanganelli,
User Rank: Ninja
7/9/2018 | 8:05:59 PM
Re: NIST analog?
@REISEN: Conversely, the NIST Cybersecurity Framework -- like any framework -- is not exactly perfect, and has its own weaknesses. At least it's something to get started with, however.
REISEN1955
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REISEN1955,
User Rank: Ninja
7/9/2018 | 2:39:31 PM
Re: NIST analog?
Of more significance is that backup and restoration plans ARE PART of normal IT functionality and business purpose.  The data centers do not operate in a run-only vacuum.  There have to be plans to reconstruct and rebuild in any event, whether ransomware or hurricane, flood, loss of power, etc.  That it must be mandated by law is insane!  Good yes, but OMG this is It 101 basics folks!!!  
Joe Stanganelli
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Joe Stanganelli,
User Rank: Ninja
7/5/2018 | 2:26:12 PM
NIST analog?
On the surface, this sounds like pretty basic stuff already covered under the NIST Cybersecurity Framework in the US -- which effectively acts as "pseudo-law" for financial institutions in the US. Seems like the only financial institutions in the UK that might have issue are those that have not crossed the pond -- and, even then, given the dramatic increase in collaboration on security matters throughout the finance sector over the past few years, this should not be too terribly burdensome, I suspect.
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