ECB to Rollout Tailored Ethical Hacking
One of the best ways to understand your own weaknesses and minimise your vulnerability to external threats is to stress-test yourself. This is exactly the ethos that the European Central Bank has taken in an attempt to build resilience in its financial markets. Under a programme burdened with the name “Threat Intelligence-Based Ethical Red Teaming (TIBER_EU)”, the ECB intends to encourage White Hat hacking techniques to increase resilience in the financial market.
The TIBER-EU framework will mimic and simulate hacking techniques on the critical functions of institutions that are vital to financial stability, in order to provide greater insight into each institution’s strengths and weaknesses. Who might come under this “friendly fire”? A host of organisations including payment systems, central securities depositories, central counterparty clearing houses, trade repositories, credit rating agencies, stock exchanges, securities settlement platforms, banks, payment institutions, insurance companies, asset management companies and any other service providers deemed critical for the functioning of the financial sector. More here.