CMORG holds sector-wide cloud outage simulation exercise
Summary
The Cross-Market Operational Resilience Group (CMORG) has completed its latest sector-wide simulation exercise, SIMEX26, focused on a global disruption to cloud services. The exercise involved major UK financial authorities and large banks and market infrastructure operators, with the Bank of England now expecting firms to act on the findings to strengthen resilience to severe operational and cyber incidents.
Why it matters
Residential property surveyors may be indirectly affected where financial-sector operational disruption impacts lending, payments, or transaction processing. The article also signals continued regulatory emphasis on third-party resilience and cyber preparedness, which is relevant to firms relying on cloud-based systems and outsourced service providers.
Key points
- SIMEX26 tested response to a global cloud services outage.
- The exercise involved the Bank of England, UK Finance, HM Treasury, the FCA and major financial firms.
- The Bank expects firms to take follow-up action to improve operational resilience.
- The programme builds on earlier exercises and broader work on third-party, cyber and emerging technology risks.
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