THE BIGGEST investment banks in the City are today meeting to run a mock-up of a cyber attack, to see how they would react in a major crisis.
The simulation, dubbed Waking Shark 2, puts over 100 senior bankers, regulators and other financial staff in a single room to see how they work together. In this case, the attack will hit the wholesale markets.
But further details of the simulation have not been disclosed, as the events are intended to be a surprise for those facing the test.
Credit Suisse is thought to be arranging much of the event, while the attack scenario is partly designed by a membership group of banks, the Securities Industry Business Continuity Management Group.
The Bank of England’s prudential regulation authority will be involved, as will the Financial Conduct Authority and observers from the Treasury. Barclays and HSBC will be involved, alongside European banks including UBS and BNP Paribas, and major US firms like Goldman Sachs, JP Morgan and Morgan Stanley.
Some results and lessons from the simulation are expected to be published in the New Year.
The participants declined to comment.