Bank of England Demands Cyber Crackdown After Russia-linked Attacks

The Bank of England has taken steps to prepare financial institutions for the possibility of a major cyber attack by instructing them to enhance their defenses. The Bank is concerned that Russian-linked hackers may attempt to destabilize the financial system, hence the need for this measure.

 

The directive, which was issued last week, requires banks, insurers, and market infrastructure companies to simulate their response to a severe attack. This move follows a series of high-profile attacks, including ones on Royal Mail and the Guardian, by ransomware gangs earlier this year. 

Sarah Breeden, who heads financial stability at the Bank, has written to executives instructing them to ensure that their systems and emergency response plans are in place by March 2025. Further, she added that financial firms should test their systems against severe but plausible cyberattack scenarios. 

She also said that firms should improve their operational resilience if they are unable to remain within impact tolerance during a cyber attack.
The City is deemed to be at risk from ransomware gangs that target important firms that keep Britain’s financial system functioning. 

According to a 2022 survey of 130 global financial institutions, almost 75% experienced at least one ransomware attack in the past year.
The ION Group, a co

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