The Bank of England outlines key lessons of the 2018 financial sector cyber simulation exercise

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
  • disparity in 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

Source: https://www.bankofengland.co.uk/report/2019/sector-simulation-exercise-simex-2018-report

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