ECB creates new test simulating cyber-attack for banks, financial firms, stock exchanges, and other businesses that are all-important for the contribution to the financial system’s working.
The European Central Bank has recently designed a cyber-attack simulation looking at numerous vulnerabilities seen over the past two years, it said on Wednesday.
The move considers a series of previous attacks by hackers on lenders and central banks especially earlier this year’s one that destroyed online and mobile services at the Netherlands’ major three banks.
The goal of ECB is to make a single structure in order to test financial firms’ cyber-flexibility in the European Union. They want to make a more clear projection about how the banks and other financial businesses can digest the serious threats.
Along with the framework, other tools include “red teams” (RTs) of highly-skilled external hackers, who are appointed to search, find, and manipulate unwanted attacks by penetrating a company’s security. Obtained from the military world, the technique is globally used in the private sector.
The ECB said, “It is up to the relevant authorities and the entities themselves to determine if and when Threat Intelligence-based Ethical Red Teaming (TIBER-EU) based tests are performed,” the ECB said.
“Tests will be tailor-made and will not result in a pass or fail – rather they will provide the tested entity with insight into its strengths and weaknesses, and enable it to learn and evolve to a higher level of cyber maturity,” it added.
In 2016, unknown hacker infringed the security system of the central bank of Bangladesh and miss led the Federal Reserve Bank of New York for sending as much as $81 million to accounts in the Philippines.