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.
White House Cybersecurity Strategy at a Crossroads
Kelly Jackson Higgins, Executive Editor at Dark Reading,  7/17/2018
Lessons from My Strange Journey into InfoSec
Lysa Myers, Security Researcher, ESET,  7/12/2018
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Current Issue
Flash Poll
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2018-14364
PUBLISHED: 2018-07-18
GitLab Community and Enterprise Edition before 10.7.7, 10.8.x before 10.8.6, and 11.x before 11.0.4 allows Directory Traversal with write access and resultant remote code execution via the GitLab projects import component.
CVE-2018-14387
PUBLISHED: 2018-07-18
An issue was discovered in WonderCMS before 2.5.2. An attacker can create a new session on a web application and record the associated session identifier. The attacker then causes the victim to authenticate against the server using the same session identifier. The attacker can access the user's acco...
CVE-2018-14388
PUBLISHED: 2018-07-18
joyplus-cms 1.6.0 has XSS via the manager/admin_ajax.php can_search_device array parameter.
CVE-2018-14389
PUBLISHED: 2018-07-18
joyplus-cms 1.6.0 has SQL Injection via the manager/admin_ajax.php val parameter.
CVE-2018-12429
PUBLISHED: 2018-07-18
JEESNS through 1.2.1 allows XSS attacks by ordinary users who publish articles containing a crafted payload in order to capture an administrator cookie.