Bank of England Tests Response To Cyber Attack
On Friday 9th November 2018, the Bank of England, in partnership with industry and other UK financial authorities (HM Treasury and Financial Conduct Authority), will host a one-day exercise designed to test the financial sector’s resilience to a major cyber incident impacting the UK.
This exercise forms a vital part of the sector wide biennial process that seeks to ensure the industry is prepared for – and can respond effectively to – any major disruption stemming from a cyber Incident, protecting the financial system on which the public relies. The exercise will help authorities and firms identify improvements to our collective response arrangements, improving the resilience of the sector as a whole.
Source: Bank of England
DTCC prescribes a systems-based approach to recovery, intra-firm collaboration, and regulatory coordination.
Exchanges and CCPs have successfully moved to operate remotely.
Financial infrastructures, Europol and the European Union Agency for Cybersecurity will share information.
There is also a material increase in concern over cyber-risk.
Managers should continue to modernize legal and compliance.