IMF, 10 countries simulate cyberattack on global financial system

Israel has conducted a 10-country simulation of a major cyberattack on the global financial system with the aim of increasing cooperation that could help minimize potential damage to financial markets and banks.

The simulated cyberattack evolved over 10 days, with sensitive data emerging on the dark web along with false information that ultimately caused chaos in global markets and a race for banks.

The simulation featured several types of attacks that impacted global currency and bond markets, liquidity, data integrity, and transactions between importers and exporters.

“These events are wreaking havoc on the financial markets,” said a narrator of a film shown to participants as part of the simulation and seen by Reuters.

Israeli government officials have said that such threats are possible as a result of the many high-profile cyber attacks against large corporations, and that the only way to limit the damage is through global cooperation, as current cybersecurity is not always enough. strong.

“The attackers are 10 steps ahead of the defender,” Micha Weis, head of financial cybersecurity at Israel’s finance ministry, told Reuters.

Participants in the initiative, called “Collective Force”, included officials from the Treasury of Israel, the United States, the United Kingdom, the United Arab Emirates, Austria, Switzerland, Germany, Italy, the Netherlands and Thailand, as well as representatives of the International Monetary Fund. , World Bank and Bank for International Settlements.

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