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Bank of England publishes Waking Shark II report

The Bank of England has published the findings of the Waking Shark II exercise, which tested the wholesale banking sector’s response to a sustained and intensive cyber-attack.

Overall the report shows that considerable progress has been made since the previous exercises in 2011 and highlights areas which could be further improved.

Waking Shark II was organized by the Securities Industry Business Continuity Management Group. 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.

Specific actions arising from the exercise will include:

  • Consideration will be given to the identification of a single coordination body from industry to manage communications across the sector during an incident.
  • The PRA and FCA will coordinate to ensure dual-regulated firms are fully aware of the regulators’ incident reporting requirements and update frequencies. The Authorities will also provide further clarification to the sector on the respective roles of the Authorities, Government agencies and the sector in responding to major cyber-events and reinforce with firms the importance of reporting major incidents to
    their respective regulators as soon as possible.
  • The CISP platform will continue to be enhanced through close collaboration between firms and Government partners.
  • Organizations will be reminded of the need to report attacks which constitute a criminal offence to the appropriate authorities e.g. law enforcement.

Read the report.

•Date: 5th February 2014 • UK •Type: Article • Topic: ISM

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