LONDON, U.K. - In a bid to test the ability of Britain's financial institutions to withstand a major cyberattack, the Bank of England staged a one-day war-gaming exercise on Friday.
According to the Bank of England, the exercise was conducted on Friday in partnership with the City regulator the Financial Conduct Authority, the U.K. Finance, the industry trade body and the Treasury and was triggered by a spate of data breaches in the financial sector.
In a bid to test the resilience of the firms, the Bank of England conducted the exercise to also ensure that firms are able to meet certain minimum recovery standards after a cyberattack.
Previously, the bank has raised concerns regarding the disruption to one bank's payments - which it pointed out could have a direct impact on the economy, by preventing its customers from paying for goods and services.
According to the Bank of England, such an act could also cause a ripple effect which would spread to other banks.
The Bank of England said in a statement, "The exercise will help authorities and firms identify improvements to our collective response arrangements, improving the resilience of the sector as a whole."
The Bank has clarified that the exercise was not carried out on a pass or fail basis and said that it would made some of the lessons learned public.
The day-long voluntary war gaming exercise, which saw by 40 firms, including leading banks, was designed by the Bank of England, along with input from the National Cyber Security Centre, a branch of Britain’s intelligence and security service, GCHQ.