‘War game’ tests banks defences against cyber crime

A cyber attack on financial markets was played out in one of London’s historic halls yesterday in a “war game” simulation designed to test the City of London’s defences against online saboteurs.

About 100 bankers, regulators, government officials and market infrastructure providers gathered to take part in an exercise dubbed “Waking Shark II” at Plaisterers’ Hall, the historic home of the plastering industry and more typically a venue for banquets and conferences.

Regulators and companies are growing increasingly concerned about the threat of cyber crime to the banking system, including the impact of co-ordinated online assaults or hacking attacks on specific lenders. The Bank of England has told banks to strengthen their defences against cyber attacks.