Cyber attacks are now one of the main threats to our financial industry, making cyber security a number one priority.

The recent announcement of the launch of Operation Waking Shark 2 highlights the seriousness of cyber attacks to the UK’s banking industry.

Next month, Operation Waking Shark 2, a cyber threat exercise, will be unleashed upon every high street bank to test their response to an online attack and how their payment and market systems could be effected.

The results will flag vulnerabilities and show where improvements need to be made.

Weak defences will be forced to implement and invest in stronger cyber security. The announcement of this test showcases the importance of cyber security in the financial industry and will take significant steps to improve the security of our financial institution.

The need to advance cyber security in the financial industry

This is welcome news as cyber attacks are now a major threat to the financial industry.

Forget about bank robbers attacking banks with guns and frantically stuffing cash into sacs. What we are now faced with is highly intelligent; robbers are now armed with their trusty sidekick – the internet!

Cyber criminals can cause a lot of damage to the financial world; taking control of bank’s computer systems and illegally transferring money, attacking the stock exchange, money laundering and more. Protection needs to be improved to keep these criminals out in the cold, and this test will be a further step in the right direction.

How will this impact the cyber security job market?

Once the test has been drawn out across the financial industry, the weaker defences will be told to make improvements and secure vulnerabilities – this is going to create more cyber security work in the financial industry.

The UK’s growing need for Cyber Security, especially in the financial industry, mirrors the recruitment drive for cyber security professionals.

There has already been a rise in cyber security work in the financial industry over the years, with all banks realising the urgency of cyber security to protect their assets and the additional banking channels like online and mobile causing more security issue than ever before. Here at Thatcher MCS we predict a further increase in cyber security jobs opening up in this industry and look forward to pushing our recruitment drive to fill these sought after roles.

We welcome the recent announcement of this test as it will encourage more institutions to improve their cyber security, protecting the industry and creating more cyber security jobs.