UK Finance Sector Tests Response to Global Cloud Outage
Bank of England-chaired CMORG ran SIMEX26 on 8 October 2026, a crisis exercise with 38 major banks and market operators on a global cloud services disruption.
The story in focus
The Cross-Market Operational Resilience Group completed SIMEX26 on 8 October 2026, a biennial crisis exercise simulating a global cloud services disruption. Chaired by the Bank of England and UK Finance, it involved 38 of the largest and most systemically important banks and market infrastructure operators, with HM Treasury and the Financial Conduct Authority participating.
- CMORG completed the biennial SIMEX26 exercise on 8 October 2026, hosted by London Stock Exchange Group.
- The scenario focused on global disruption to cloud-based services and was not informed by specific threat information.
- The Bank of England said it expects firms to act on the exercise to strengthen resilience to severe operational and cyber scenarios.
What the exercise involved
SIMEX26 was a wide-ranging crisis management exercise in which 38 of the largest and most systemically important banks and market infrastructure operators worked alongside financial authorities to respond to a scenario centred on global disruption to cloud-based services. The scenario was developed with industry experts and was not informed by any specific threat information.
The exercise, opened by Economic Secretary to the Treasury Lucy Rigby and hosted by the London Stock Exchange Group, also included a live meeting of the Bank-chaired Cross Market Business Continuity Group, which gives strategic direction to the sector's collective response to systemic incidents.
Institutional context and next steps
CMORG is chaired by the Bank of England and UK Finance, with participation from HM Treasury, the Financial Conduct Authority and the wider financial sector. The Bank said it now expects firms to take action based on the exercise to further strengthen their resilience and ability to respond to severe operational and cyber scenarios.
The SIMEX programme rehearses responses to challenging scenarios; earlier exercises in 2022 and 2024 considered cyber-attacks against a major bank and critical infrastructure disruption outside the financial sector. The Bank said recent work has included strengthening third-party engagement and resilience, enabling secure innovation in response to AI and other emerging technologies, and enhancing cyber preparedness, response and recovery.
What scenario did the UK financial sector's latest resilience exercise simulate?
SIMEX26 simulated a global disruption to cloud-based services. The 8 October 2026 exercise involved 38 major banks and market infrastructure operators responding alongside UK financial authorities, and the Bank of England expects firms to act on its findings.
Sources & further reading
- Cross-Market Operational Resilience Group ↗bankofengland.co.uk
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