To minimize cyberattacks against its critical structures, Israel, on the 9th December, led a 10-country, 10-day-long simulation of a major cyberattack on the world’s financial system by “sophisticated” players, which aimed at minimizing the damage to banks and financial markets. Such a “war game,” as Israel’s Finance Ministry called, was the first of its kind.
The simulation undertook an advanced cyberattack on the global financial system portraying different scenarios that featured sensitive data leaks on the Dark Web. The simulation also used fake news reports, which would cause chaos in the global market and a run on banks.
The representatives from the US, UK, UAE, Switzerland, Germany, Italy, Netherlands, Thailand, Austria, International Monetary Fund, World Bank, and Bank of International Settlements participated in the initiative.
The participating nations also discussed various policies to help respond to such a crisis. According to the reports by Reuters, such policies included coordinated bank holidays, debt repayment grace periods, SWAP/REPO agreements, and coordinated delinking from significant currencies.
The simulation was initially planned to be conducted at Dubai World Expo. However, due to the Omicron variant of COVID-19, it was moved to Jerusalem and took place over a video conference.
By- Shubham Kumar
(Content Writer, WCSF)