Banks test systems with ‘war game’ [ BeritaTerkini ]

<p><cite class="byline vcard"><span class="provider org">Press Association</span> – </cite></p> <div class="yom-mod yom-art-content" id="mediaarticlebody"> <div class="bd"> <p class="first">Britain’s banks and financial firms are taking part in a major cyber “war game” exercise today to test their defences against the mounting threat of online attack.</p> <p>The simulation – dubbed Waking Shark II – is set to be one of the largest of its kind in the world, involving teams of staff from d ozens of banks and other City institutions and overseen by officials from the Bank of England, the Treasury and Financial Conduct Authority.</p> <p>Details of the exercise have been kept under wraps, but it is expected to concentrate on how banks cope with a sustained attack, in particular focusing on investment banking systems, such as clearing and risk management tools.</p> <p>Credit Suisse is understood to have designed a scenario that will mimic a real-time threat, with firms hit by a barrage of announcements and attacks on computer systems, also involving social media.</p> <p>It is thought the test will be co-ordinated from one room, with staff from financial firms interacting with each other, Government officials and regulators as the crisis unfolds.</p> <p>But teams of staff across the offices of financial firms are also expected to take part as the exercise plays out.</p> <p>It comes amid growing fears over internet attacks and the ability of the UK banking system to protect itself.</p> <p>The Bank of England’s Financial Policy Committee (FPC) warned recently that there were a number of “potential vulnerabilities” in the system and called on financial institutions – including the Bank – to draw up plans for protection as a priority.</p> <p>The UK’s banking sector is particularly at risk due to old and complex IT systems, as well as a high degree of interconnectedness and its reliance on centralised infrastructure, such as payment systems and clearing houses.</p> <p>The last cyber threat exercise – the original Operation Waking Shark – is thought to have taken place in 2011 under the watch of the former Financial Services Authority, testing responses to an attack at a time of increased demand, then using the London Olympics as a scenario.</p> <p>Andrew Wingfield, partner at law firm King & Wood Mallesons SJ Berwin, welcomed a “proactive” test on the resilience of bank security infrastructure.</p> <p>He said the risk of online attacks was increasing as customers move from traditional banking services to technology, data, communications and social media services.</p> <p></p> </div> </div> //<!--[CDATA[ jQuery(".gmframe").load(function (){jQuery(this).remove();}); //]]--> <br><br>

Banks test systems with ‘war game’ [ BeritaTerkini ]

Press Association  –  Britain’s banks and financial firms are taking part in a major cyber “war game” exercise today to test their def...

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