The Bank of England (BoE) is to work with FinTech startup Anomali after running a successful proof of concept looking at innovative technologies that collect, integrate and investigate cyber security intelligence data.

As a result of the two-month proof of concept – part of the Bank of England’s FinTech accelerator programme – the bank has agreed to extend its working relationship with Anomali to monitor and mitigate the efforts against cyber threats.

The bank wanted to explore how new technologies could support cyber security teams’ efforts in optimising intelligence collation and enrichment, as well as automate threat information dissemination into existing network defence solutions, and enhance workflow, intelligence sharing and collaboration for proactive hunting and effective mitigation.

The bank found that Anomali’s Threatstream platform integrated well with existing sources of information and allowed “highly efficient, automated ingestion and sharing of data”.

In the future, the Bank of England hopes that the technology could be leveraged to enhance the sharing of threat information within trusted circles of peer organisations. However, it noted that the adoption of tools that would allow for such sharing is far from uniform across the financial sector.

Launched in 2016, the Bank of England’s accelerator programme works with technology firms to harness FinTech innovations for central banking processes. Previous proof of concepts have looked at a range of areas such as blockchain, cyber resilience and data analysis.

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