What's Happening?
Prism Infosec, a Cheltenham-based cyber security consultancy, has been accredited to deliver regulatory cyber security tests to top-tier financial institutions and Financial Market Infrastructure organizations in the UK. This accreditation places Prism Infosec among an elite group of only 16 firms worldwide qualified to conduct these critical assessments. The firm is one of just three in the South West of England with this capability. The CBEST certification, administered by CREST on behalf of the Bank of England, is a rigorous framework designed to test and enhance the cyber security resilience of financial institutions. This certification is mandatory for top UK financial institutions every three years. The need for such assessments has grown as cyber breaches in the UK financial services sector have reportedly tripled in recent years, with attacks increasing from 187 to 640 between 2021 and 2023.
Why It's Important?
The accreditation of Prism Infosec is significant as it strengthens the cyber security defenses of the UK's financial sector, which has seen a dramatic rise in cyber attacks. The CBEST framework provides a structured approach to identifying vulnerabilities and weaknesses within financial institutions, allowing them to take targeted actions to mitigate potential threats. This is crucial for maintaining the integrity and security of financial systems, which are vital to the economy. The increase in cyber-related crimes, costing organizations millions, underscores the importance of robust cyber security measures. By achieving this accreditation, Prism Infosec contributes to the UK's leadership in cyber security, supporting the financial sector in meeting regulatory standards and enhancing resilience against operational disruptions.
What's Next?
With the CBEST accreditation, Prism Infosec is positioned to play a key role in the ongoing efforts to secure the UK's financial sector. The firm will continue to provide penetration testing and red teaming services, simulating real-world attack scenarios to test organizational responses. This proactive approach will help financial institutions strengthen their defenses and prepare for potential cyber threats. As cyber attacks remain a constant concern, the demand for such services is likely to grow, prompting further advancements in cyber security practices and technologies. Prism Infosec's expertise and accreditation will be instrumental in supporting these developments and ensuring the sector's resilience.
Beyond the Headlines
The accreditation of Prism Infosec highlights the evolving landscape of cyber security, where continuous improvement and adaptation are necessary to counter increasingly sophisticated threats. The firm's role in enhancing cyber resilience extends beyond immediate security measures, contributing to a broader cultural shift towards prioritizing cyber security in business operations. This development also reflects the importance of collaboration between private firms and regulatory bodies in safeguarding critical infrastructure. As cyber threats evolve, the need for innovative solutions and skilled professionals in the cyber security sector will continue to grow, shaping the future of financial security.
