Banks in the United Kingdom will have their network security tested over the next few months, as part of a live cyber war demonstration.
This will present banks and the UK government with better analysis of where the financial industry currently stands, with the threat of a major data breach frightening IT security experts. The Bank of England helped spearhead the project, while banks continue to have a close relationship with the GCHQ.
Here is what Stephen Bonner, KPMG cybersecurity team partner, recently noted:
“It’s the first time that banks are having their systems tested for security threats in a live environment as opposed to a simulated or isolated one.”
Global cybercrime ravages the economy, racking up £248 billion in costs each year, and the number is only climbing higher, the Center for Strategic and International Studies (CSIS) claims.
Here is what Paul Docherty, Portcullis Computer Security technical director, recently said regarding the tests:
“A defender has to block every possible route of entry and the attacker only has to find one. That’s the position the banks are still in, the world is so connected now they have to look in every direction to protect themselves.”
Following the successful data breach of JPMorgan Chase in the United States, cybersecurity experts in the UK have become alarmed about a similar breach in the UK. Although financial institutions tend to have better security defenses against data breaches, stealing money – and compromising bank customers – remains a lucrative goal for criminals.
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