BoE-backed IT resilience testing project opened to FS firms of all sizes

A Bank of England (BoE) backed-project set to test the IT resilience of the UK’s financial services (FS) sector has now been opened to FS firms of all sizes, according to sources reported by the Financial Times.

The initiative will be run by Bristol-based cybersecurity firm Immersive Labs and will be overseen by the Cross Market Operational Resilience Group according to the sources, an industry body co-chaired by the BoE and industry group UK Finance.

Conducted remotely, the sources said that the testing will see senior executives at FS firms participate in “war games” that will test their reactions against issues such as being unable to access their data, communicate with their staff, or maintain operational continuity.

Participation had originally been targeted at 150 companies but has now been opened to firms with smaller headcounts including insurers and asset managers.

Participating organisations will be able to see how they handled the “war games” compared to the other organisations according to the sources, though the Bank of England will not be able to access these results.

The BOE has taken an increasingly hard line on ensuring the IT resilience of the financial sector in recent months; the central bank said in a July report that increasing reliance on a small number of cloud service providers (CSPs) could “increase financial stability risks” without greater regulatory oversight.

Banks' IT infrastructures have remained a popular target for successful cyberattacks. Fiducia & GAD IT, a German company that provides IT services to many of the nation’s co-operative banks was hit by a distributed denial of service attack (DDoS) in June this year.

    Share Story:

Recent Stories


Meet Evelyn, your Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst
Meet Evelyn, an Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst, who uses native AI/ML capabilities to automate the Customer/PEP screening and Negative News screening alert adjudication processes for leading BFS organizations with greater speed, accuracy, and consistency than human analysts.

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.