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Major firms to be tested on cybercrime vulnerabilities in FSA exercise

Feb 15 2013 Martin Coyle, Regulatory Intelligence

Up to 30 large financial institutions will be tested on their cybercrime defences in a major benchmarking study initiated by the Financial Services Authority (FSA), HM Treasury and the Bank of England. The study follows a market-wide cyber-attack exercise undertaken in 2011. Earlier this week Greg Clark MP, financial secretary to the Treasury, confirmed that the government wanted to ensure that cyber risks were better understood. In a written answer to parliament he said the exercise was intended to promote better cyber security in the financial sector. Clark said that the benchmarking programme would investigate cyber and technology practices at major financial institutions, and this in turn would lead to the publication of an updated Business Continuity Management Practice Guide. The government's findings would be set out in a new discussion paper which would give firms a chance to understand current thinking. In March 2011 the FSA headed a desktop cyber exercise which took place

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