Irish Banking Sector Steps Up Cybersecurity Efforts to Combat Evolving Threats

The Central Bank of Ireland has launched two voluntary programmes aimed at strengthening financial stability and enhancing cyber resilience in Ireland’s financial system.

Combating Growing Cyber Threats

In a bid to tackle the growing threat of cyber attacks, the initiatives, TIBER-IE and CIISI-IE, are designed to help banks and other financial institutions anticipate, withstand, recover from, and adapt to increasingly sophisticated and scalable threats posed by cyber adversaries. The global financial system faces a rising tide of cyber attacks, with no border or sector immune to the threat.

Strengthening Ireland’s Reputation

The Central Bank’s efforts come as a significant step in bolstering Ireland’s reputation as a safe and secure destination for international investment and trade.

TIBER-IE: Threat-Led Penetration Testing Programme

• Adopted by the Central Bank in December 2019
• Allows participating financial institutions to undergo a controlled, bespoke, threat-intelligence red team test of their critical live production systems
• Identifies vulnerabilities and weaknesses before they can be exploited by cyber attackers

CIISI-IE: Cyber Information and Intelligence Sharing Initiative

• Launched as a three-year pilot project in June 2021
• Promotes the exchange of cyber information and intelligence within a trusted financial system sharing community
• Leverages collective knowledge, experience, and capabilities from the sharing community to gain a more complete understanding of threats faced and make informed decisions regarding defensive capabilities, threat detection techniques, and mitigation strategies

Positive Impact on Ireland’s Financial Sector

The Central Bank’s move is seen as a major boost to Ireland’s cyber security efforts, and is expected to have a positive impact on the country’s financial sector.