Financial authority staff in the UK’s public sector completed a G7 cyber attack exercise on 17 April to test and practice their resilience.
The exercise was focused on an imagined large scale cyber attack on financial market infrastructure in the G7 nations. Involved in the exercise were HM Treasury, the Financial Conduct Authority and the Bank of England, as well as finance ministries from the other G7 nations, their central banks and market authorities as well as a number of private industry participants.
These exercises take place routinely as a way for the G7 and its member organisations to coordinate and communicate their methods for dealing with a cyber incident. This ensures good crisis management.
The exercise was set by the G7 Cyber Expert Group, which forms cybersecurity policy and strategy across the G7.
In a statement, the G7 Cyber Expert Group said the exercise “aims to bolster the financial sector’s resilience and minimise disruptions across all G7 jurisdictions. This exercise allows the G7 financial authorities to continue to integrate the multiple lines of effort necessary to respond effectively to an incident".
