Bank of England steps up fight to tackle cybercrime

Cyber security

The Bank of England is to hold a “war game” this week to stress test the defences of financial firms against a cyber attack.

The Sunday Times reports the “Resilient Shield” test will simulate a hack on financial firms to test whether banks can withstand sustained attacks in a bid to breach security.

It will test whether cash machines and electronic payment systems would still be able to operate in the event of a cyber attach. Large global institutions in London will be subject to the test, while officials from the Federal Reserve will observe the results in a teleconference.

The results of the test should help the Bank draw up plans to help the economy cope with a cyber attack, such as shutting down internet banking systems and the forced closure of bank branches.