IMF, 10 countries simulate cyber attacks on global financial system

Israel simulated 10 countries of large-scale cyber attacks on the global financial system on Thursday to strengthen cooperation that could help minimize potential damage to financial markets and banks Led.

The simulated cyberattack evolved over a decade, sensitive data emerged on the dark web, and fake news reports eventually caused turmoil in the global market, causing bank runs.

The simulation covered several types of attacks affecting the global forex and fixed income markets, liquidity, data integrity, and transactions between importers and exporters.

“These events are causing havoc in financial markets,” said the movie narrator, who was shown to participants as part of the simulation and was seen by Reuters.

Israeli government officials said such threats could result from a cyberattack that attracted a lot of attention to large corporations, and current cybersecurity is not always strong enough, so it is the only way to contain the damage. Said that it was due to global cooperation.

“The attackers are ten steps ahead of the defenders,” Mika Weiss, a financial cyber manager at the Israeli Treasury Department, told Reuters.

Participants in this initiative, called “Collective Power,” include Treasury Officers from Israel, the United States, the United Kingdom, the United Arab Emirates, Austria, Switzerland, Germany, Italy, the Netherlands, Thailand, and representatives of the International Monetary Fund. It was. , world Banks and Bank for International Settlements.

[Ohio News Time]


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