Bank of England demand for ‘cyber pressure’ against Russia
The Bank of England has instructed lenders to strengthen their defenses against a major cyberattack, amid fears that Russian-linked hackers will try to throw the financial system into crisis. Last week, officials on Threadneedle Street instructed banks, insurers and market infrastructure companies to play a war game against a violent attack.
The development comes after Royal Mail and the Guardian fell victim to ransomware gangs earlier this year amid a surge in high-profile attacks.
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Sarah Breeden, the bank’s head of financial stability, has given companies until March 2025 to shape their systems and emergency response plans, in a letter to executives, The Telegraph reported.
«Firms will be expected to demonstrate that they are testing against serious but plausible scenarios… These tests should become more complex over time. Firms are expected to demonstrate through testing that they can stay within impact tolerance, or if they fail to do so, they can invest and take action to improve their operational resilience.»
In February, ION Group, a company that plays an integral role in the plumbing that underpins the City trade, was targeted by the same Russian-linked ransomware gang that attacked Royal Mail and caused chaos at the City trading desks.
The attack had a knock-on effect on other transaction systems, forcing some companies to manually process transactions.
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The Bank of England has ordered banks, insurers and market infrastructure companies to improve their defences against a major cyber attack amid concerns that Russia-linked hackers will attempt to disrupt the financial system. Last week, Threadneedle Street officials requested that the companies carry out a role-playing exercise simulating a violent attack. The instruction follows a rash of high-profile cyber security breaches this year, including against the Guardian and Royal Mail. The banks have until March 2025 to develop their systems and emergency response plans. In February, the same ransomware gang that targeted Royal Mail attacked ION Group, which is crucial to the operation of City trade plumping.
