The United States and Britain will soon start launching cyber "war games" against each other in an effort to strengthen the countries' resistance to legitimate cyber threats, reported the BBC.
The two countries will also establish a joint "cyber cell" to share information on cyberthreats.
The FBI and the National Security Agency will work together with the U.K.'s GCHQ and MI5 intelligence and security agencies.
"This is about pooling our effort so we stay one step ahead of those who seek to attack us," British Prime Minister David Cameron said prior to his meeting with President Barack Obama at the White House on Friday, the Associated Press reported.
The first attack will be simulated against banks and the financial sectors in London and New York, and will see participation from commercial banks and the Bank of England. It will be followed by "further exercises to test critical national infrastructure," Downing Street said, according to the BBC.
Officials said the two governments will also create a new generation of "cyber agents" through a program called the Fullbright Cyber Security Award, which will provide funding to students to research cybersecurity. The first class is expected to start in the 2016 academic year.
The announcement follows recent hacks on Sony Pictures, which the U.S. blamed on North Korea, and an incident this week in which the Twitter and YouTube accounts of the U.S. military's Central Command were taken over by hackers who said they supported the Islamic State group.
NSA Director Michael Rogers warned last year that China and "one or two" other nations are capable of conducting cyberattacks that would shut down the U.S. electric grid and other critical systems, Business Insider reported.
"We're watching multiple nation states invest in this capability," Rogers said.
