Swedish central bank has decided to adopt new framework to evaluate banks’ resilience against cyber-attacks.
The move will involve Riksbank utilising European Central Bank (ECB)-developed TIBER-EU (Threat Intelligence-based Ethical Red Teaming) framework to devise its national adaptation TIBER-SE.
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By GlobalDataTIBER-EU framework standardises tests conducted to assess financial institutions capabilities to combat cyber risks.
Called red team testing, the assessment involves carrying out a controlled simulation of a cyber-attack on an organisation. It helps in identifying the deficiencies in the bank and assists in bolstering their resilience against such cyber-attacks.
The TIBER-EU also harmonises the implementation of red team testing within the EU as well as support cross-border tests.
Riksbank will soon publish guidelines for TIBER-SE. It has also launched a cooperation forum with major domestic players set to undergo testing.
The Swedish central bank also noted that the Netherlands and the UK have worked with such cybersecurity tests.
Subsequently, the ECB started working to develop a framework to harmonise the implementation of such tests across European Union.
ECB published the standard framework in May last year, based on Belgium and Denmark launched their national versions.
In a statement, Riksbank said: “The implementation guide for TIBER-SE describes Sweden’s adaptation of the TIBER-EU framework. Tests under TIBER-SE will be carried out over the next few years.”
