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City of London and Wall Street drilled for cyber attack

17 November 2015

Last Thursday, the ‘war game’ known as Operation Resilient Shield, first announced in January, took place to test the USA’s and UK’s resilience to cyber-attacks in the financial sector. Incident response and recovery, information sharing and public communications were the three key areas of concern. The exercise emphasizes the importance of tight cybersecurity and decent cyber insurance.

Details of who ‘won’ have been kept strictly under wraps, but the continued cooperation demonstrates that cyber defence is a priority on both sides of the Atlantic. Indeed, the UK government is set to announce a new National Cyber Centre and a doubling of funding to £1.9bn p/a by 2020.

Yet, in the private sector, take up of cyber insurance is low; in June a survey by Marsh identified only 11% of respondents had cyber insurance, whilst staggeringly 47% had no plans to purchase it. Brokers are using recent cyber-attacks to emphasize its usefulness, but it remains to be seen whether businesses will take this risk seriously.

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