Massive cyber attack simulation tests London banks

Dozens of British and international banks and financial institutions participated in a large-scale cyber attack simulation on Tuesday in London.

The test was carried out to see how well these institutions could deal with a sustained attack on investment banking systems, and was overseen by officials of the government, regulatory bodies and the Bank of England.

"This is a good opportunity to iron out any flaws now before our cyber defenses are tested in anger," said Stephen Bonner of KPMG.

"It will take a lot of detailed technical work and testing, coordinated across the industry, to really understand all the interdependencies and develop meaningful containment and recovery plans," said Richard Horne of PwC.

The simulation, named "Waking Shark II", was reportedly designed by Credit Suisse.

London's financial sector, the driving force of the city's economy, is considered to rely too heavily on out-of-date IT systems.

No specifics of the test were made public.

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