Digital Shadows and Bank of England fight Cyber-Attack
4th July 2014
One of Level39’s first ever members, Digital Shadows, are now working alongside the Bank of England to help protect systemically important financial institutions from cyber-attack.
Digital Shadows worked with CREST (Council for Registered Ethical Security Testers) to develop a framework that mimics the types of cyber-attack that large financial services institutions can fall victim to. Andrew Gracie, Executive Director of Resolution at the Bank of England, announced that this framework would be named CBEST.
By mimicking situations that could genuinely compromise an institution such as The Bank of England’s digital security, the bank becomes better informed and better placed to react to any genuine cyber-threats that may arise.
In launching CBEST, the bank recognises that simulation of potential attacks is a more relevant way to preempt hackers than traditional ‘security checks’.
CREST and Digital Shadows are key to the development of the CBEST Framework due to their commercial experience of realistic, threat-informed scenarios. This is explained by James Chappell, CTO and co-founder of Digital Shadows who is pictured above, second-right, alongside CEO Alastair Paterson. More detail here.
“Digital Shadows has worked with the Bank of England to develop the CBEST threat framework and model. To be effective, CBEST tests must be based on realistic, threat-informed scenarios. The Bank of England is therefore seeking to form partnerships with commercial suppliers”
The CBEST project launched last month. Digital Shadows’ CEO Alastair Paterson gave us an update on the progress.
“Since CBEST was announced we’ve been very pleased at the positive reception from the financial sector in the UK. We are even seeing interest from other sectors and geographies that also see the value in focusing defensive efforts on realistic threat scenarios, maximising their effectiveness.”
Digital Shadows were one of seven tech companies that have been a Level39 member since before the accelerator officially launched in March 2013. Part of a fintech accelerator programme, Digital Shadows moved in during January 2013 in order to beta-test the space whilst it was being constructed around them.
We are very pleased that Digital Shadows have continued their journey at Canary Wharf, moving from Level39 to our High Growth Space on 42nd floor in September 2013, and recently expanded into a larger office space on the same floor earlier this year.