Bank Of England Taps Startup Anomali To Reduce Cyberthreats

Anomali, the FinTech startup that was part of the Bank of England’s accelerator program, has been tapped by the Bank of England to help it monitor and reduce cyberthreats.

According to a report, Anomali was chosen to work on a system to put threat intelligence in a database that can be searched and optimized for information collation and sharing to support a cybersecurity defense strategy that is proactive and led by intelligence. The report noted that the Bank of England said during two months of tests Anomali’s ThreatStream platform was proven to be intuitive. What’s more, the Bank of England said it integrated well with the sources of information already existing at the central bank. The Bank of England also said the system is very efficient at automating the ingestion of the data and the sharing of it.

Anomali’s technology in the future could be used to increase the sharing of high-quality data and used to validate threat information with other organizations. The Bank of England’s accelerator program was launched in June and is aimed at boosting the banks experience with FinTechs. FinTech startups are invited to apply to work on projects that address challenges that the central bank has, noted the report.

The move on the part of the Bank of England comes at a time when cybersecurity is becoming a big issue in the U.K. In November, the U.K. government is reportedly gearing up to spend close to £2 billion over the course of the next five years to fight the growing number of cyberattacks in the country. According to a report, research suggests the U.K. is a particular target for data breaches that involve compromised employee account data.