Bank of England officials will be sitting on the sidelines as 42 of the UK's most talented amateur cyber security enthusiasts lead the defence against a simulated computer attack on a fictional energy company.

The 'hyper-real' three-day UK Cyber Security Challenge will take place in an industrial-style simulated Security Operating Centre (SOC) in the heart of Shoreditch, and has been developed this year by global professional services firm PwC with support from experts at GCHQ, NCA and the Bank of England.

The event is timely, coming the day after the UK Government vowed to spend close to £2 billion over the course of the next five years to fight the growing number of cyberattacks in the country.

The competition will see candidates take on the role of PwC cyber security consultants brought in to investigate suspicious activity on the IT network of the fictional third largest energy supplier in the world, dubbed Bolt Power. As the action unfolds, they will have to defend the company from cyber-attacks launched by hacktivist groups in real time, make quick decisions based on live intelligence updates from both clients and government agencies, and attempt to prevent information leaks to the outside world.

The aim of the competition is to sniff out new talent for whom there are no traditional pathways into the cyber security sector. According to a recent study by ISC, the UK is facing a critical skills shortage, with a projected shortfall of 1.5 million cyber security workers by 2020.

PwC says that half of Masterclass finalists over the past six years have entered jobs in the industry.

Buck Rogers, chief information security officer at the Bank of England says: "It’s a great opportunity for us to meet gifted individuals with an interest in cyber security. Effective cyber security is as much about people as it is about systems and so the Bank is pleased to be a part of an initiative that fosters talent and encourages recruitment into this important sector.”