Dive Brief:
- The U.S. and Britain plan to test how its regulators would respond if their financial sectors suffered a major cyber attack. The focus is on how regulators for the world's two biggest financial centers in New York and London communicate and coordinate their responses to an online attack.
- President Obama and British Prime Minister David Cameron agreed last January to run the joint exercise in 2015.
- The exact scenarios for the exercise have not yet been determined. No date has been set for the test yet, but it is expected to take place this month.
Dive Insight:
"It is testing how we would react to 'x' scenario, how would our colleagues in the U.S. react to the same, (and) how would we then coordinate communications with each other, to the sector and within the sector," a spokesman for British government cyber-security body CERT-UK said.
The U.S. Treasury, Britain's finance ministry, the Bank of England and U.S. regulators will take part and intelligence agencies are also likely to participate, the spokesman said. Other financial institutions in both countries may also participate.
