UK government's response to cyber attack info sharing negligible, says Mitsubishi-Tokyo Bank

Reporting of cyberattacks doesn't generate a response, the bank says

The British government appears to have discounted reporting of cyber attacks, according to the Bank of Tokyo-Mitsubishi's EMEA head of operational risk.

The bank is the largest in Japan, where it faces more than 80 percent of all cyber attacks, but also provides corporate banking services in the UK.

Meeting at the Financial Times' Political Risk summit on Wednesday, the Bank of Tokyo-Mitsubishi and Lloyds Commercial Banking discussed the "new wave" of cyber-security threats.

They were joined by Jamie Saunders, director for the National Cyber Crime Unit at the National Crime Agency, and James Snook, deputy director at the business, crime and skills office for cyber security at the Cabinet Office.

The NCA's Jamie Saunders said it's "very easy to share information with government" and that if "any company thinks there's been criminality they can tell us about it".

But the Bank of Tokyo-Mitsubishi's Yuki Kataoka said: "We have been reporting our attacks but we don't seem to be big enough to be helped."

Lloyds' head of data and cyber security in data services, Giles Taylor, suggested there is a long way to go for information sharing between the private sector and government bodies, although it is now "starting to take off".

"I think at the moment, maybe we're not getting all the information we'd like back from government," Taylor said. "But we are confident there are some measures underway and some progress to make that happen."

The Cabinet Office's James Snook retorted that the government has heard from industry its approach to cyber security risk is far too complex at present - "you have the information sharing platform, you have any number of intelligence agencies and departments doing different things, which can make it difficult for industry to know where to go."

But he mentioned chancellor George Osborne's announcement late last year that there will be the establishment of a national cyber centre, with the intention of unifying government organisations that deal with cyber risk.

Lloyds' Giles Taylor said that one of the biggest challenges in information sharing is that a lot of front line businesses "don't really understand the risk - I don't think many people do, including myself. Sometimes I'll wake up in the morning, see an attack, and hadn't realised that was possible.

"Because this is such a fast-evolving space, it's very difficult for somebody to have that big picture," Taylor said. "It's very challenging when you start to put together the metrics, because there's this reluctance for people to admit they've been hit.

"So if you have a customer who's been impacted you may not know."

Taylor said that until businesses begin to get a handle on awareness and detection, it will become "very difficult" to quantify and put into a risk or big data model.

"It's almost a case of being able to detect that you've had a breach. One of the big challenges and differences with cyber over a more traditional event like flooding is if you've been flooded you know," he said.

"Sometimes if you've been attacked from a cyber perspective you may not actually realise that you've been attacked - and the first sign that you have been attacked may be someone else telling you."

"So because of that it's very difficult to quantify. It could be the data elements that are lost, it could be the financial transactions that will be part of that attack. The first thing is getting that detection capability and quantify things much better, and hopefully limit the ability of that attack."

Join the CSO newsletter!

Error: Please check your email address.

More about

Show Comments

Featured Whitepapers

Editor's Recommendations

Solution Centres

Stories by By Tamlin Magee

Latest Videos

  • 150x50

    CSO Webinar: The Human Factor - Your people are your biggest security weakness

    ​Speakers: David Lacey, Researcher and former CISO Royal Mail David Turner - Global Risk Management Expert Mark Guntrip - Group Manager, Email Protection, Proofpoint

    Play Video

  • 150x50

    CSO Webinar: Current ransomware defences are failing – but machine learning can drive a more proactive solution

    Speakers • Ty Miller, Director, Threat Intelligence • Mark Gregory, Leader, Network Engineering Research Group, RMIT • Jeff Lanza, Retired FBI Agent (USA) • Andy Solterbeck, VP Asia Pacific, Cylance • David Braue, CSO MC/Moderator What to expect: ​Hear from industry experts on the local and global ransomware threat landscape. Explore a new approach to dealing with ransomware using machine-learning techniques and by thinking about the problem in a fundamentally different way. Apply techniques for gathering insight into ransomware behaviour and find out what elements must go into a truly effective ransomware defence. Get a first-hand look at how ransomware actually works in practice, and how machine-learning techniques can pick up on its activities long before your employees do.

    Play Video

  • 150x50

    CSO Webinar: Get real about metadata to avoid a false sense of security

    Speakers: • Anthony Caruana – CSO MC and moderator • Ian Farquhar, Worldwide Virtual Security Team Lead, Gigamon • John Lindsay, Former CTO, iiNet • Skeeve Stevens, Futurist, Future Sumo • David Vaile - Vice chair of APF, Co-Convenor of the Cyberspace Law And Policy Community, UNSW Law Faculty This webinar covers: - A 101 on metadata - what it is and how to use it - Insight into a typical attack, what happens and what we would find when looking into the metadata - How to collect metadata, use this to detect attacks and get greater insight into how you can use this to protect your organisation - Learn how much raw data and metadata to retain and how long for - Get a reality check on how you're using your metadata and if this is enough to secure your organisation

    Play Video

  • 150x50

    CSO Webinar: How banking trojans work and how you can stop them

    CSO Webinar: How banking trojans work and how you can stop them Featuring: • John Baird, Director of Global Technology Production, Deutsche Bank • Samantha Macleod, GM Cyber Security, ME Bank • Sherrod DeGrippo, Director of Emerging Threats, Proofpoint (USA)

    Play Video

  • 150x50

    IDG Live Webinar:The right collaboration strategy will help your business take flight

    Speakers - Mike Harris, Engineering Services Manager, Jetstar - Christopher Johnson, IT Director APAC, 20th Century Fox - Brent Maxwell, Director of Information Systems, THE ICONIC - IDG MC/Moderator Anthony Caruana

    Play Video

More videos

Blog Posts

Market Place