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
Threaded  |  Newest First  |  Oldest First
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.
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
7/9/2018 | 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.
New Cold Boot Attack Gives Hackers the Keys to PCs, Macs
Kelly Sheridan, Staff Editor, Dark Reading,  9/13/2018
Yahoo Class-Action Suits Set for Settlement
Dark Reading Staff 9/17/2018
RDP Ports Prove Hot Commodities on the Dark Web
Kelly Sheridan, Staff Editor, Dark Reading,  9/17/2018
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Current Issue
Flash Poll
The Risk Management Struggle
The Risk Management Struggle
The majority of organizations are struggling to implement a risk-based approach to security even though risk reduction has become the primary metric for measuring the effectiveness of enterprise security strategies. Read the report and get more details today!
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2018-17208
PUBLISHED: 2018-09-19
Linksys Velop 1.1.2.187020 devices allow unauthenticated command injection, providing an attacker with full root access, via cgi-bin/zbtest.cgi or cgi-bin/zbtest2.cgi (scripts that can be discovered with binwalk on the firmware, but are not visible in the web interface). This occurs because shell me...
CVE-2018-17205
PUBLISHED: 2018-09-19
An issue was discovered in Open vSwitch (OvS) 2.7.x through 2.7.6, affecting ofproto_rule_insert__ in ofproto/ofproto.c. During bundle commit, flows that are added in a bundle are applied to ofproto in order. If a flow cannot be added (e.g., the flow action is a go-to for a group id that does not ex...
CVE-2018-17206
PUBLISHED: 2018-09-19
An issue was discovered in Open vSwitch (OvS) 2.7.x through 2.7.6. The decode_bundle function inside lib/ofp-actions.c is affected by a buffer over-read issue during BUNDLE action decoding.
CVE-2018-17207
PUBLISHED: 2018-09-19
An issue was discovered in Snap Creek Duplicator before 1.2.42. By accessing leftover installer files (installer.php and installer-backup.php), an attacker can inject PHP code into wp-config.php during the database setup step, achieving arbitrary code execution.
CVE-2017-2855
PUBLISHED: 2018-09-19
An exploitable buffer overflow vulnerability exists in the DDNS client used by the Foscam C1 Indoor HD Camera running application firmware 2.52.2.43. On devices with DDNS enabled, an attacker who is able to intercept HTTP connections will be able to fully compromise the device by creating a rogue HT...