Attacks/Breaches

7/5/2018
11:45 AM
50%
50%

UK Banks Must Produce Backup Plans for Cyberattacks

Financial services firms in Britain have three months to explain how they would stay up and running in the event of an attack or service disruption.

The Bank of England and Financial Conduct Authority have given UK financial services firms three months to produce backup plans explaining how they would respond to cyberattacks and avoid technical shutdowns, Reuters reports.

Financial services organizations are particularly vulnerable to cybercrime, as recently indicated by issues with Visa and UK bank TSB, where an April outage prevented customers from accessing online accounts. Regulators say the risk reflects a failure among banks and insurers to upgrade their systems, and demand they have strategies in place if systems are disrupted.

Businesses have until October 5, 2018 to produce their backup plans. If they fail to do so, or if their plans fall short of regulators' standards, they may be required to increase their capital levels or invest in their systems' resilience to cyberattacks.

Read more details here.  

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Joe Stanganelli
50%
50%
Joe Stanganelli,
User Rank: Ninja
7/9/2018 | 8:05:59 PM
Re: NIST analog?
@REISEN: Conversely, the NIST Cybersecurity Framework -- like any framework -- is not exactly perfect, and has its own weaknesses. At least it's something to get started with, however.
REISEN1955
50%
50%
REISEN1955,
User Rank: Ninja
7/9/2018 | 2:39:31 PM
Re: NIST analog?
Of more significance is that backup and restoration plans ARE PART of normal IT functionality and business purpose.  The data centers do not operate in a run-only vacuum.  There have to be plans to reconstruct and rebuild in any event, whether ransomware or hurricane, flood, loss of power, etc.  That it must be mandated by law is insane!  Good yes, but OMG this is It 101 basics folks!!!  
Joe Stanganelli
50%
50%
Joe Stanganelli,
User Rank: Ninja
7/5/2018 | 2:26:12 PM
NIST analog?
On the surface, this sounds like pretty basic stuff already covered under the NIST Cybersecurity Framework in the US -- which effectively acts as "pseudo-law" for financial institutions in the US. Seems like the only financial institutions in the UK that might have issue are those that have not crossed the pond -- and, even then, given the dramatic increase in collaboration on security matters throughout the finance sector over the past few years, this should not be too terribly burdensome, I suspect.
Microsoft President: Governments Must Cooperate on Cybersecurity
Kelly Sheridan, Staff Editor, Dark Reading,  11/8/2018
5 Reasons Why Threat Intelligence Doesn't Work
Jonathan Zhang, CEO/Founder of WhoisXML API and TIP,  11/7/2018
Why Password Management and Security Strategies Fall Short
Steve Zurier, Freelance Writer,  11/7/2018
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
Flash Poll
Online Malware and Threats: A Profile of Today's Security Posture
Online Malware and Threats: A Profile of Today's Security Posture
This report offers insight on how security professionals plan to invest in cybersecurity, and how they are prioritizing their resources. Find out what your peers have planned today!
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2018-6980
PUBLISHED: 2018-11-13
VVMware vRealize Log Insight (4.7.x before 4.7.1 and 4.6.x before 4.6.2) contains a vulnerability due to improper authorization in the user registration method. Successful exploitation of this issue may allow Admin users with view only permission to perform certain administrative functions which the...
CVE-2018-17614
PUBLISHED: 2018-11-13
This vulnerability allows remote attackers to execute arbitrary code on vulnerable installations of Losant Arduino MQTT Client prior to V2.7. User interaction is not required to exploit this vulnerability. The specific flaw exists within the parsing of MQTT PUBLISH packets. The issue results from th...
CVE-2018-8009
PUBLISHED: 2018-11-13
Apache Hadoop 3.1.0, 3.0.0-alpha to 3.0.2, 2.9.0 to 2.9.1, 2.8.0 to 2.8.4, 2.0.0-alpha to 2.7.6, 0.23.0 to 0.23.11 is exploitable via the zip slip vulnerability in places that accept a zip file.
CVE-2018-2491
PUBLISHED: 2018-11-13
When opening a deep link URL in SAP Fiori Client with log level set to "Debug", the client application logs the URL to the log file. If this URL contains malicious JavaScript code it can eventually run inside the built-in log viewer of the application in case user opens the viewer and taps...
CVE-2018-2473
PUBLISHED: 2018-11-13
SAP BusinessObjects Business Intelligence Platform Server, versions 4.1 and 4.2, when using Web Intelligence Richclient 3 tiers mode gateway allows an attacker to prevent legitimate users from accessing a service, either by crashing or flooding the service.