The Bank of England will be going to cyber war with cyber criminals soon. Yes, The Bank of England has decided to use cyber threat intelligence methodologies for predicting and deterring cyber criminals from intruding and stealing credentials and money from their bank. It’s the first ever attempt at such a new methodology from a corporate business entity. Usually, the methodologies are used by state actors.
How are they going to achieve this, you ask? They have teamed up with several cyber-security firms and have developed an on-going working frame work called CBEST. It will be used as open source data based using real time threat intelligence, mainly from on-line sources such as blogs, chat rooms, network monitoring sites and hacker forum groups. It will only use data that is streamed from specific cyber-attacks on banking institutions.
The scheme was announced this past month by The Bank of England. Once the Bank starts using the threat intelligence gathered they will be putting their cyber defenses and active monitoring together so that a test exercise can be implemented. In order to test the CBEST methodology, several tests will be conducted. The cyber-security tech firms will be conducting various penetration tests to test the resilience and resources in preventing an intrusion and breach. It is the first ever attempt of this sort. It may be used as the future model of several banks in banking systems abroad.
The Wall Street Journal