BoE steps up cybersecurity tests for banks

epa05653097 The Bank of England in London, Britain, 30 November 2016. The Bank of England report on 30 November 2016 that following the the results of our 2016 stress test of the British banking system, the Prudential Regulation Authority (PRA) Board judged that some capital inadequacies were revealed for three banks (The Royal Bank of Scotland Group, Barclays and Standard Chartered), these banks now have plans in place to build further resilience. EPA/ANDY RAIN

LONDON: The recent theft of money from accounts at retailer Tesco's online banking arm caused the British authorities to enact contingency plans to allow lenders to share information after the attack, the Bank of England said on Nov 30. 

The bank also said in its twice-yearly Financial Stability Report that the so-called CBEST framework for testing vulnerabilities to cyberattacks at financial firms will in future include regular spot checks by supervisors.