The Bank of England is warning companies to take steps to prevent cyber-attacks. A study by the institution found that many firms within the UK financial sector are not prepared for the impact e-crime could have on their operations and has called for improvements in information security. The comments come following the results of Waking Shark II – a simulated attack against the country’s markets.
It was also stressed that regulators need to be given more information about attacks and how to ensure businesses are prepared. The Bank of England’s financial policy committee has previously called on banks to look at protection against cyber-attacks and Waking Shark II played a crucial part in testing whether such recommendations had been followed. A total of 220 people from banks, regulators and others took part in the project and it was concluded that increased communication is needed within the industry to help protect financial data.