What's Happening?
Prism Infosec, a Cheltenham-based cyber security consultancy, has been accredited to deliver CBEST regulatory cyber security tests to top-tier financial institutions in the UK. This accreditation places Prism Infosec among an elite group of only 16 firms worldwide qualified to conduct these assessments. The CBEST certification, administered by CREST on behalf of the Bank of England, is a rigorous framework designed to test and strengthen the cyber resilience of financial institutions. The certification is mandatory for UK financial institutions every three years. Prism Infosec's founder and CEO, Phil Robinson, emphasized the importance of the UK’s mature cyber security sector in bolstering defenses against online threats. The firm combines penetration testing with red teaming to simulate real-world attack scenarios, enabling banks to take targeted remedial actions.
Why It's Important?
The accreditation of Prism Infosec is significant as it enhances the cyber security posture of the UK financial sector, which has seen a dramatic increase in cyber breaches. Between 2021 and 2023, attacks on the sector rose by over 240%, highlighting the urgent need for robust security measures. The CBEST framework helps financial institutions and regulators understand vulnerabilities and take necessary actions to prevent operational disruptions. As cyber threats continue to evolve, the expertise provided by firms like Prism Infosec is crucial in safeguarding critical financial infrastructure, thereby maintaining trust and stability in the financial markets.
What's Next?
Prism Infosec will continue to deliver bespoke cyber assessment services to major global organizations, including banks and government entities. The firm’s ongoing commitment to meeting and exceeding regulatory standards will likely lead to further advancements in cyber security practices. As cyber threats persist, financial institutions may increasingly rely on accredited firms to ensure compliance and enhance their defenses. The continued evolution of cyber security frameworks like CBEST will play a pivotal role in shaping the future of financial sector resilience.
Beyond the Headlines
The accreditation of Prism Infosec underlines the growing importance of cyber security in the financial sector. It reflects a broader trend towards intelligence-led security measures that prioritize understanding and mitigating vulnerabilities. This development may influence other sectors to adopt similar rigorous testing frameworks, thereby enhancing overall cyber resilience across industries.
