UK simulates cyber attack on banks

As cybercrime continues its threatening ascent to a global danger, technology must evolve to remain one step ahead of attackers. Over 87 firms will participate in a cyber security attack next week in the UK, simulating the collapse of pivotal bank systems like telecommunications and internet.  At issue are how banks respond to interrupted operations in their use of back-up systems and rebooting. Given the uncertain future of Greece, banks are concerned how a sovereign default might impact their business. System handling of capital, payment, and liquidity are always being fine-tuned, lest personal checks and account go awry. The last time a test of the this magnitude was conducted, firms like HSBC and Goldman Sachs participated.

 

SOURCE: Reuters