Bank of England to simulate cyber attacks to test threat response

The attacks will test how prepared 20 of the UK's major banking institutions are

Cyber security

The Bank of England will test banking vulnerabilities with a number of high-profile institutions to test how prepared they are should a cyber attack occur.

The ethical hacking programme will use real-life scenarios to see how prepared 20 of the UK's most prolific banks and financial organisations are.

The Financial Times reported the Bank of England has collated the intelligence from the latest threats "in the criminal world, terrorists and rogue states."

Andrew Gracie, the director of the UK's special resolution unit within the Bank of England, will oversee the programme, which will involve cyber specialists who have been pre-approved to carry out 'penetration testing'.

Although the Bank of England hasn't revealed which institutions will be involved in the scheme, The Financial Times speculates the Royal Bank of Scotland and the London Stock Exchange will both take part.

The Bank of England put cyber threats as one of its top priorities last year, urging the Treasury, Prudential Regulation Authority and Financial Conduct Authority to put together a plan to test the financial sector's resilience to cyber attacks.

This new initiative will address the findings of a report conducted in February that stated one organisation was needed to oversee the communications strategy of the banking sector should their systems be targeted by hackers.

Last year, the Bank of England ran a project called Waking Shark 2 that tested how financial institutions would react should a cyber attack happen.

The one-day simulation event invited 220 people from 20 institutions including infrastructure providers and government agencies to react to a sustained cyber attack.

The findings of the event were presented in a report by Chris Keeling who commented: "Whilst there was some communication between the participating firms and the [financial market infrastructures] and good communications with the authorities, it was identified that there is no formal communication coordination within the wider sector."

Featured Resources

Security analytics for your multi-cloud deployments

IBM Security QRadar SIEM solution brief

Download now

Five reasons to move to the cloud

Join the enterprises moving their workloads to the cloud

Download now

Architecting hybrid IT and edge for digital advantage

Why business leaders should consider a hybrid IT strategy

Download now

Six reasons to accelerate remote asset monitoring with AI

How to optimise resources, increase productivity, and grow profit margins with AI

Download now

Recommended

Lazarus APT hacking group is targeting the defense industry
Security

Lazarus APT hacking group is targeting the defense industry

26 Feb 2021
Microsoft open sources CodeQL queries used in Solorigate inquiry
Security

Microsoft open sources CodeQL queries used in Solorigate inquiry

26 Feb 2021
CISA warns of ongoing Accellion File Transfer Appliance attacks
hacking

CISA warns of ongoing Accellion File Transfer Appliance attacks

25 Feb 2021
What is a Trojan?
Security

What is a Trojan?

25 Feb 2021

Most Popular

How to find RAM speed, size and type
Laptops

How to find RAM speed, size and type

26 Feb 2021
How to connect one, two or more monitors to your laptop
Laptops

How to connect one, two or more monitors to your laptop

25 Feb 2021
How to use Chromecast without Wi-Fi
Mobile

How to use Chromecast without Wi-Fi

26 Feb 2021