New tests have been developed by combining government intelligence about existing cyber-threats with those that the security industry assess to be risks in order to increase efforts to protect UK financial institutions. Hacking represents the growing risk within the financial sector therefore the new cyber-security strategy CBEST was created.
CBEST is the first of its kind for the financial services sector, allowing for a firm to develop an insight as to how they would hold up against a cyber-attack. Rather than using a computer expert to attempt to hack the systems, they will be hacked in a way to mimic and replicate the methods that would be used by an intruder such as a hacktivist or organised crime.
The risk of cyber-attacks is on the rise, meaning banks need to be better prepared in order to counter these attacks. Only a few years ago, £800million was stolen via a cyber-attack through the Royal Bank of Scotland, affecting an unidentified London listed company. Concern of cyber-attacks on financial institutions increased by 10% in 2013, worrying of the new challenges they would present; especially since anyone with the right means or motive could potentially attack the systems.
The results of the CBEST tests are unlikely to be made public however for our benefit, we can only hope that the results come back positive and if not, new measures are placed to protect us.