The Bank of England has released the results of Waking Shark II, a Nov. 12, 2013, four-hour simulated cyber attack in London involving hundreds of financial institutions that was designed to test the city's cyber security readiness.

Some recommendations for improvement include establishing a single coordination entity to manage communications across the sector during an incident, and coordination between the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) regarding incident reporting and clarifications, as well as other enhancements.

“The lessons learned will not only influence the finance sector's preparedness for a real-life cyber-event, but also serve as an example of how other sectors in the UK's finance industry can test their own capabilities in the future,” according to the report.