Cybersecurity in Finance Industry: A Growing Concern in Ireland

As the global financial system becomes increasingly interconnected, the threat of cyber attacks has never been greater. Cyber Resilience can be defined as the ability to anticipate, withstand, recover from, and adapt to adverse conditions, stresses, attacks, or compromises on systems that are used or enabled by cyber resources.

A Growing Threat

In a borderless world where cyber threats know no bounds, the capabilities of adversaries are constantly evolving, readily scalable, and increasingly sophisticated. This poses a significant threat to Ireland’s financial stability, making it essential for the Central Bank of Ireland to take proactive measures to enhance the country’s cyber resilience.

Initiatives to Enhance Cybersecurity

To achieve this goal, the Central Bank has activated two voluntary programmes: TIBER-IE and CIISI-IE. These initiatives aim to strengthen financial stability and promote a more robust cybersecurity posture among Irish financial institutions.

TIBER-IE: Threat-Led Penetration Testing Programme

TIBER-IE is a threat-led penetration testing programme that allows for a controlled, bespoke, threat-intelligence red team test of an entity’s critical live production systems. Adopted by the Central Bank in December 2019, TIBER-IE is a national implementation of the TIBER-EU framework.

CIISI-IE is a three-year pilot programme launched by the Central Bank in June 2021. The initiative aims to promote the exchange of cyber information and intelligence within a trusted financial system sharing community. Members can leverage collective knowledge, experience, and capabilities from the sharing community to gain a more complete understanding of the threats they face.

Benefits of Participation

By participating in CIISI-IE, members can make threat-informed decisions regarding defensive capabilities, threat detection techniques, and mitigation strategies. This collaborative approach is expected to enhance Ireland’s financial sector’s ability to respond to emerging cyber threats and protect against potential disruptions.

Conclusion

In conclusion, the Central Bank of Ireland has taken a proactive approach to enhancing the country’s cyber resilience through two voluntary programmes: TIBER-IE and CIISI-IE. These initiatives demonstrate the bank’s commitment to protecting Ireland’s financial stability in an increasingly complex and interconnected world.