It's in preparation for cyber attacks on banks

Banks throughout London will be taking part in a cyber attack "war games" next Tuesday to see exactly how a real cyber threat would be solved.

According to Reuters, the war games is called "Waking Shark II," and it is the sequel to a similar event held two years ago. It will be held November 12, and thousands of staff across dozens of London financial firms will participate in the event.  

Regulators and government officials are expected to play a part as well. 

Waking Shark II will be co-ordinated by the Bank of England, the Treasury and Financial Conduct Authority. 

The idea behind the war games is to see how prepared banks are when it comes to a cyber attack. Some of the challenges in the games will be to ensure the availability of cash from ATM machines, properly deal with a liquidity squeeze in the wholesale market, and to communicate and coordinate with authorities as well as each other. Reuters also mentioned that there will be a strong focus on investment banking operations. 

The results of the test will be released late this year or early in 2014. 

Back in 2011, London conducted a similar test where a simulated cyber attack on wholesale and retail payments and online services took place. Eighty-seven firms took part in the event, including hedge funds, banks, asset managers and brokers, insurers and exchanges. 

Also present were representatives from the Centre for the Protection of National Infrastructure (CPNI) and the Cyber Security Operations Centre (CSOC). 

The U.S. has conducted a similar trial. A few months ago, New York hosted "Quantum Dawn 2" to simulate how firms would deal with a cyber attack in markets.

Source: Reuters

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