14 DAY TRIAL // Next month, financial institutions from the United Kingdom will test their resilience and preparedness to cyberattacks.
Dubbed “Operation Waking Shark 2,” the exercise has been designed by an outside consultant, and will be overseen by the Bank of England, Treasury and the Financial Conduct Authority.
According to The Telegraph, the exercise will test the ability of banks to defend themselves when faced with very severe cyberattacks launched by terrorists and state-sponsored attackers.
The results of the exercise will be used to benchmark the organizations’ cyber security. Those with weak defense systems will likely be demanded to increase their investments in this area.
News of this cyber security exercise comes shortly after the Bank of England’s Financial Policy Committee ordered regulators, banks and the Treasury to collaborate on creating a concrete plan for protecting financial organizations against cyberattacks. The plan must be completed by Q1 2014.