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U.K. Banks Must Test Cyber Security Resilience From April: PRA

Jan. 12, 2022, 1:08 PM

The Bank of England’s Prudential Regulation Authority reminded banks that they must start testing the resilience of their operations to cyber threats by March 31.

  • Firms must also have mapped their important business services and set their impact tolerances to such an event, the regulator said in a letter to CEOs setting out its priorities for the year
    • PRA also expects third country branches in the U.K. to be able to demonstrate how they will deliver operationally-resilient outcomes
    • Regulator has noticed increase in services being outsourced, particularly to cloud providers, and expects firms to manage the risk
  • After last year’s ...

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