UK banks to stress test readiness for major cyberattack

Only days after the authorities gave UK-based banks a time limit to come up with cyberattack defence plans, details have emerged of a major stress test of current financial systems set for next month.

Dubbed ‘Operation Waking Shark 2′, according to The Daily Telegraph the test day will simulate a “severe” attack on payment providers, banks and markets to sniff out weaknesses in defence strategies, communications, and procedures.

This follows on from the smaller Waking Shark exercise that took place on the afternoon of 11 March 2011 which uncovered confusion about which bodies organisations should use to communicate with one another in the event of an attack.

According to Dana Tamir, director of enterprise security at Trusteer, banks were now a major target for a variety of attackers.

“Recent cyber-attacks on US banks have caused losses estimated in millions of dollars. Both the frequency and sophistication of such attacks is increasing. Cyber criminals are using all means available, including DDoS attacks that target the online banking systems from the outside, and advanced malware that enables the attacker to gain control over an internal employee endpoint, and attack these systems from the inside,” he said.

Full article: UK banks to stress test readiness for major cyberattack (Techworld)

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