Banks take part in cyber ‘war game’

The simulation – dubbed Waking Shark II – was one of the largest of its kind in the world, involving teams of staff from dozens of banks and other City institutions and overseen by officials 
from the Bank of England, the Treasury and Financial Conduct Authority.

Details were kept under wraps, but it was expected to concentrate on how banks cope with a sustained attack, in particular focusing on investment banking systems, such as clearing and risk management tools. Credit Suisse was understood to have designed a scenario that mimicked a real-time threat, with firms hit by a barrage of announcements and attacks on computer systems, also involving social media.

It is thought the test involved staff from financial firms interacting with each other, Government officials and regulators.