On 12 November 2015, the UK and US governments conducted a joint exercise with leading global financial firms to enhance cooperation and ability to respond effectively to a cyber-incident in the finance sector. UK participants included HM Treasury, the Bank of England and the FCA, with the White House National Security Council, Department of Homeland Security and US Secret Service participating on the US side.
With national security being a priority for both governments either side of the Atlantic, the exercise is just a small part of a wider agenda to improve cyber security looking at how both governments can increase cooperation by:
- Enhancing processes and mechanisms for maintaining shared awareness of cyber security threats between US and UK governments and the private sector.
- Furthering mutual understanding of each country’s cyber security information sharing processes and incident response coordination structures, including scenarios that may call for a coordinated response and public communications.
- Exchanging best practices domestically and between the US and UK on a government-to-government and government-to-financial sector basis