Context
The FCA, PRA and Bank of England (the Bank) have published the latest annual CBEST thematic report in relation to cyber resilience in the financial services sector. Cyber resilience is a top priority for the FCA, the Bank and PRA. Disruptions from cyber-attacks can impact financial stability, cause intolerable harm to consumers or other market participants, or disrupt market confidence.
Key points to note and next actions
The report is intended to inform the sector on the findings and lessons learned from the CBEST programme, which assesses the cyber resilience of systemic financial institutions through live testing performed in their corporate networks. The report contains cyber resilience good practice and insight including from the National Cyber Security Centre (NCSC). It highlights the importance to build strong cyber hygiene and the need for firms to simulate a range of cyber testing scenarios to remain resilient to threats.