Institutions that are Critical Market Infrastructures or Core Financial Institutions must be able to resist cyber attacks. To help achieve this objective, the National Bank of Belgium has decided to approve the establishment of TIBER-BE (Threat Intelligence based Ethical Red teaming).
The NBB's decision falls within the scope of the TIBER-EU framework, as approved by the ECB Governing Council on 19 April 2018, which is the first European-wide framework for controlled and tailor-made cyber-attack testing in the financial market.
The TIBER-EU framework is the first framework for controlled and tailor-made cyber-attack testing. It has several objectives, including:
- creating a European framework for controlled hacking to test the resilience of entities in the financial markets;
- facilitating tests for cross-border entities that are subject to oversight or supervision by several authorities;
- helping financial institutions to better understand their protection, detection and response capabilities and to fight cyber attacks.
This decision by the NBB is part of its mission relating to the stability of the financial system.
In accordance with the TIBER-EU framework, each jurisdiction adopts the European framework at a national level, applying it in a manner which suits its specificities.