Bank of England to run cyber stress tests for financial firms

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Financial services companies in the U.K will have to undergo cyber stress tests by Bank of England to ensure they could recover from a major cyber breach.

According to its Financial Stability report, BofE says it looks to work with the Prudential Regulatory Authority and National Cyber Security Centre to conduct tests to determine the ability of firms to meet a defined set of minimum recovery standards.

The tests will make sure that the firms will be prepared for the future and strengthen its security to defend against such attacks.

The stress tests will start as a pilot in 2019.

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