The Bank of England (BoE) has published the high-level findings of the financial sector cyber simulation exercise that took place on 9 November 2018 (SIMEX18). The exercise, commissioned by the Cross Market Operational Resilience Group jointly chaired by the BoE and UK Finance, explored the sector’s resilience to a major cyber incident impacting the UK.
The exercise found:
- opportunities to improve the way firms co-ordinate at an operational level during incidents that impact the sector
disparityin risk tolerance for suspending services could impact the functioning of the financial sector
- recovery of services is impacted by differences in the way data is stored across the financial sector
- effective and consistent communications are key to maintaining customer and market confidence