The Bank of England (BoE) is hosting a full-day war game exercise on Friday to test the resilience of the financial system in the event of a serious cyberattack.
Up to 40 companies participate in the volunteer exercise alongside the BoE, the Ministry of Finance, the city regulatory agency, the Financial Conduct Authority, and the UK Financial Services Authority.
This is the latest in a series of simulated attacks conducted every few years by the BoE seeking to identify flaws in the response of banks and other financial institutions to a major cyberattack. The ability of companies and organizations to communicate with each other during such an attack is also being tested.
"The exercise will help governments and businesses to find improvements in our collective action and improve the resilience of the entire sector." the BoE said.
The tests are not conducted on a pass or fail basis, but the BoE is expected to release some of the lessons later.
The Friday test was drafted by the BoE with input from the National Cyber Security Center, a branch of British intelligence and security, GCHQ.
A series of data breaches within and outside the financial sector in recent months have made companies vulnerable to cyber-attacks.
Earlier this year, Dixons Carphone announced that it had found unauthorized access to personal information of up to 1
In the US, HSBC suffered a major data breach in the US retail banking business, with hackers gaining access to customer bank account information, statement statements and other personal information.
British Airways announced two cyberattacks on its website in September and October. Approximately 185,000 BA customers stole their payment card details, and 77,000 received name, address, email address, and detailed payment information.