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Italy’s financial sector takes part in business continuity exercise

On 23rd October 2012 financial sector organizations in Italy took part in a sector-wide business continuity exercise.

The exercise was developed by the Bank of Italy’s CODISE (Continuità di Servizio) working group and participants included CONSOB (La Commissione Nazionale per le Società e la Borsa, the public authority responsible for regulating the Italian securities market), the main Italian banking groups, the financial system infrastructure companies, the central bank of the Netherlands, and the Italian Civil Protection Department.

The exercise simulated a computer attack against the financial marketplace which had a significant impact on the execution of payments and on banks’ liquidity conditions. In a further twist to the scenario, the ‘attack’ took place during a time-period where there was a high rate of employee absenteeism.

The exercise verified the reliability of crisis management procedures at each of the institutions that took part as well as CODISE’s capability for coordinating interventions for the entire marketplace.

Special attention was given to crisis communications actions to inform the general public about the situation.

•Date: 26th Oct 2012 • Europe •Type: Article • Topic: Financial sector BC

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