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Government And Regulators Meet To Combat Cyber Threats To Essential Services

Sector regulators, ministers and senior officials meet at a summit to discuss how to address cyber threats to crucial infrastructure

Published on 05 February 2014

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by Cabinet Office, Department for Business, Innovation & Skills


London, England

Cabinet Office
Cabinet Office

Today the Secretary of State for Business, Innovation and Skills, Vince Cable, hosted a summit bringing together regulators for the financial, water, energy, communications and transport sectors with ministers and senior officials from the security and intelligence agencies to discuss working in partnership to address cyber threats to our essential services. The group was briefed on the cyber threat and on the role already being played by the Bank of England and OFCOM, before agreeing a range of common actions to be taken forward by all participants.

At the first summit of this kind, Vince Cable said:

"Cyber attacks are a serious and growing threat to British businesses, but it is particularly important that those industries providing essential services such as power, telecommunications and banking are adequately protected to avoid disruption to our everyday lives.

"We can only achieve this objective through a partnership between government, the regulators and industry. Today’s event marks the next step in highlighting the important role of the regulators in overseeing the adoption of robust cyber security measures by the companies that supply these crucial services."

Andrew Bailey, Deputy Governor Prudential Regulation, Bank of England and CEO of the Prudential Regulation Authority stated:

"As we noted at the event today hosted by the Secretary of State for Business, it is essential for financial stability that the UK financial system and its infrastructure continues to work towards improving its ability to withstand cyber-attacks. To support this, the Bank of England will also publish today the findings of Waking Shark II, an exercise which tested the response of the wholesale banking sector to a simulated cyber-attack, which is part of the ongoing work recommended by the Financial Policy Committee to improve and test resilience.

"Today’s meeting is an important opportunity, bringing government and regulators together, in partnership, to discuss the nature and extent of cyber threats to their respective sectors. The role that regulators such as the Bank of England and OFCOM are already taking to embed cyber security in their sectors is vital, as set out in a joint communique outlining steps that government and regulators agree to undertake to help manage cyber risk across each sector."


For more information about this press release including Editor's Notes and contact details visit https://www.gov.uk/government/news/government-and-regulators-meet-to-combat-cyber-threats-to-essential-services



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Posted 2014-02-05 08:55:00