8 February 2018
Cyber threats are increasing. That is why the recent Danish defence agreement earmarks kr. 1.4 billion for meeting the growing cyber threat. The financial sector is also strengthening its defences by establishing a "red team test" programme. A red team test is a live test in which external consultants by agreement try to access selected systems using the techniques applied by organised IT criminals and sophisticated hacker groups. The test is to show whether there are critical functions in the IT systems of the financial sector that may have a negative impact on financial stability.
The establishment of this programme also means that Danmarks Nationalbank is strengthening its cyber defences and allocating additional resources to increasing cyber resilience by setting up a test team to support the implementation of the programme. Add to this the resources employed by the sector for carrying out the tests.
"If we are to continue to combat the increased cyber threat and realise our vision of being best in class, we need to strengthen our defences and regularly enhance our effort in the field of cyber security. The establishment of the red team programme is a good and necessary step in that direction. The programme will boost the overall operational resilience of the sector and will be a good supplement to the test initiatives already carried out within the sector," says Governor Lars Rohde, Danmarks Nationalbank.
Since 2016, Danmarks Nationalbank and the financial sector have been working intensively to improve operational resilience in the financial sector. This work takes place in the Financial Sector forum for Operational Resilience, which is also where the agreement to establish the red team programme was concluded.
At the Danish Financial Supervisory Authority, Director General Jesper Berg welcomes the Danish red team test programme.
"The establishment of the red team test programme fits in well with the strategy we at the Danish FSA have laid down for promoting a high level of IT security among key financial sector participants. Via our ongoing IT inspections we are in dialogue with the sector about ensuring a sufficiently high level of IT security. Testing is a very effective tool for improving IT security," he says.
The participants in the red team programme are the key players in the financial sector.
Enquiries can be directed to Michelle Hald on tel. +45 3363 6029.