A group of 10 nations led by Israel have conducted a 10-day cyber-attack simulation on the IMF which included creating fake news to spark chaos in worldwide markets.
Israeli govt officials insisted that real events mirrored in the simulation require global cooperation because “attackers are 10 steps ahead of the defender”.
Treasury officials from the US, the UK, the UAE, Austria, Switzerland, Germany, Italy, the Netherlands and Thailand took part alongside World Bank and IMF representatives.
JERUSALEM (Reuters)– Israel on Thursday led a 10-country simulation of a major cyberattack on the global financial system in an attempt to increase cooperation that could help to minimise any potential damage to financial markets and banks.
The simulated “war game”, as Israel’s Finance Ministry called it and planned over the past year, evolved over 10 days, with sensitive data emerging on the Dark Web. The simulation also used fake news reports that in the scenario caused chaos in global markets and a run on banks. © Reuters/AMMAR AWAD IMF, the World Bank and 10 countries take part in a simulation of a cyber attack on global financial system
The simulation — likely caused by what officials called “sophisticated” players — featured several types of attacks that impacted global foreign exchange and bond markets, liquidity, integrity of data and transactions between importers and exporters.
“These events are creating havoc in the financial markets,” said a narrator of a film shown to the participants as part of the simulation and seen by Reuters.
Israeli government officials said that such threats are possible in the wake of the many high-profile cyberattacks on large companies, and that the only way to contain any damage is through global cooperation since current cyber security is not always strong enough. Read More
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