The recent simulation of a cyber attack sponsored by the Bank of England was designed to test how well financial companies in London and elsewhere in Britain were able to handle major hacker attempts. Now we're told that the simulation has uncovered serious and very critical communication issues with the infrastructure.
The program was dubbed Waking Shark II and took place in November 2013. It was meant to test how investment banks and financial institutions held up together under a sustained assault by several hackers.
The overall results were an improvement on those from the original Waking Shark I exercise, which took place in 2011, while still offering plenty of scope for some improvement, according to an official report on the exercise from the Bank of England.
"The exercise successfully demonstrated cross-sector communications and coordination through the CMBCG (Cross Market Business Continuity Group), information sharing through the use of the CISP (Cyber Security Information Security Partnership) platform and enabled all participants to better understand the requirements of the Financial Authorities in Britain," the report concludes.
The report added that the banks' overall communication systems were severely hampered by the lack of an overall clearing house for cyber threat information.
"Consideration will be given to the identification of a single coordination body from the industry to manage communications across the segment during an incident," the report recommends.
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