The UK financial authorities -
HM Treasury, the Bank of England and the Financial Conduct Authority - provide a central point of information on business continuity and operational resilience for the UK financial sector.
Statement on Waking Shark II
On Tuesday 12 November, an exercise took place to test the financial sector’s response to a sustained and intensive cyber-attack. This exercise was called Waking Shark II and involved participants from investment banks, financial market infrastructure, the financial authorities and the relevant government agencies. The exercise was organised by the Securities Industry Business Continuity Management Group (SIBCMG) which drew on extensive cyber expertise to design a scenario in which a cyber-attack caused disruption to wholesale markets and the financial infrastructure supporting those markets. The exercise tested the communication between firms, between firms and the authorities, and aimed to improve understanding of the impact of a cyber-attack on the participants and wider financial sector.
A thorough review of the lessons learned is underway to identify potential improvements to the resilience of the sector. A report will be published early in the New Year to share the outcomes and lessons with the participants and wider finance sector.
FSC Site Administrator
c/o Financial Sector Resilience
Bank of England
London, EC2R 8AH