Bloomberg Law
Jan. 12, 2022, 1:08 PM

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

William Shaw
William Shaw
Bloomberg News

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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