Attacks/Breaches

7/5/2018
11:45 AM
50%
50%

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.

Read more details here.  

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Oldest First  |  Newest First  |  Threaded View
Joe Stanganelli
50%
50%
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.
REISEN1955
50%
50%
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
50%
50%
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.
Valentine's Emails Laced with Gandcrab Ransomware
Kelly Sheridan, Staff Editor, Dark Reading,  2/14/2019
High Stress Levels Impacting CISOs Physically, Mentally
Jai Vijayan, Freelance writer,  2/14/2019
Mozilla, Internet Society and Others Pressure Retailers to Demand Secure IoT Products
Curtis Franklin Jr., Senior Editor at Dark Reading,  2/14/2019
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
5 Emerging Cyber Threats to Watch for in 2019
Online attackers are constantly developing new, innovative ways to break into the enterprise. This Dark Reading Tech Digest gives an in-depth look at five emerging attack trends and exploits your security team should look out for, along with helpful recommendations on how you can prevent your organization from falling victim.
Flash Poll
How Enterprises Are Attacking the Cybersecurity Problem
How Enterprises Are Attacking the Cybersecurity Problem
Data breach fears and the need to comply with regulations such as GDPR are two major drivers increased spending on security products and technologies. But other factors are contributing to the trend as well. Find out more about how enterprises are attacking the cybersecurity problem by reading our report today.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2019-8939
PUBLISHED: 2019-02-19
data/interfaces/default/history.html in Tautulli 2.1.26 has XSS via a crafted Plex username that is mishandled when constructing the History page.
CVE-2019-8935
PUBLISHED: 2019-02-19
Collabtive 3.1 allows XSS via the manageuser.php?action=profile id parameter.
CVE-2019-3812
PUBLISHED: 2019-02-19
QEMU, through version 2.10 and through version 3.1.0, is vulnerable to an out-of-bounds read of up to 128 bytes in the hw/i2c/i2c-ddc.c:i2c_ddc() function. A local attacker with permission to execute i2c commands could exploit this to read stack memory of the qemu process on the host.
CVE-2019-8933
PUBLISHED: 2019-02-19
In DedeCMS 5.7SP2, attackers can upload a .php file to the uploads/ directory (without being blocked by the Web Application Firewall), and then execute this file, via this sequence of steps: visiting the management page, clicking on the template, clicking on Default Template Management, clicking on ...
CVE-2019-7629
PUBLISHED: 2019-02-18
Stack-based buffer overflow in the strip_vt102_codes function in TinTin++ 2.01.6 and WinTin++ 2.01.6 allows remote attackers to execute arbitrary code by sending a long message to the client.