Cyber war games dubbed 'Waking Shark II' begin for London's financial institutions
A number of scenarios will test banks' responsiveness to cyber attacks
Tuesday 12 November 2013
Banks and stock exchanges in London today will be testing their cyber security with a series of “war games” co-ordinated by financial regulators and government officials.
The operation, dubbed “Waking Shark II”, will be one of the largest ever conducted, with dozens of financial institutions taking part. The tests will be overseen by the Bank of England, the Treasury and Financial Conduct Authority.
Bank staff will have to respond to a number of simulated cyber-attacks and find solutions to various problems including how to ensure the availability of cash from ATM machines and cope with a liquidity freeze in the wholesale market.
A previous exercise named “Waking Shark” was conducted two years ago by the Financial Services Authority whilst a pair of similar war games (“Quantum Dawn” and “Quantum Dawn 2”) have been carried out on Wall Street in the US.
“These kinds of exercises provide a good opportunity to put people and organisations through their paces, much like the army does when practising manoeuvres,” said David Emm, a researcher at Kaspersky Lab said.
“They can never be a substitute for a real-life attack. But they can however force people to think about the situation they are faced with and what they would do in that very moment,” said Emm.
However, other security experts have criticized the operation for focusing only on digital methods and ignoring scenarios involving coordinated physical attacks, such a malware-infected USBs sticks that introduce viruses to banks’ systems via unsuspecting employees.
A report on the test’s findings are expected to be released in early 2014.
Olympic diver has made his modelling debut for Adidas
Life & Style blogs
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Portuguese academic says British are 'filthy, violent and drunk'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
- 1 Daniele Watts: Django Unchained star's white boyfriend Brian Lucas confirms LAPD internally investigating 'racist' detainment
- 2 Isis release 'Flames of War' video warning Obama of attacks troops could face in Iraq
- 3 Pakistani passenger power forces two politicians off plane
- 4 Say yes to 'no-poo': It's been three years since I stopped washing my hair
- 5 John Travolta addresses former pilot's gay romance allegations publicly for the first time: 'That was the lowest I'd ever felt'
iJobs Gadgets & Tech
£55000 - £60000 Per Annum + benefits: Clearwater People Solutions Ltd: IT Proj...
£30000 - £35000 per annum: Ashdown Group: SharePoint Administrator - Bishop's ...
£45000 - £50000 Per Annum: Clearwater People Solutions Ltd: Our client, a glob...
£20000 - £25000 Per Annum Plus excellent benefits: Clearwater People Solutions...