Last October, nearly four dozen banks in Hong Kong confronted a nightmare '...
HONG KONG - Last October, nearly four dozen banks in Hong Kong confronted a nightmare “stress test” scenario: a pandemic that swept through the city, followed by a major cyberattack and a telecoms breakdown.
Months later, part of that hypothetical came true as the then-unnamed SARS-CoV-2 exploded onto the scene. In real life, as in the exercise, financial institutions in Hong Kong have allowed staff to work from home and dispersed others to different offices. One senior banker at a large European bank in Hong Kong said the absentee rate due to the coronavirus was much lower than in the simulation.
“In October, practicing for a virus seemed crazy given the political protests going on outside, but not now,” said another person involved in the exercise, which was arranged by an industry group and observed by local regulators. As the exercise unfolded, participants were sent regular updates in the form of news videos, a “ticker” showing market movements, and social media posts - some of which contained false information.
The United States and Britain have run similar exercises, called QUANTUM DAWN and WAKING SHARK, respectively.Banks in the exercise found that having staff work remotely because of the virus, while necessary, left them exposed in other areas such as cybersecurity and fraud control.
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