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.
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By- Shubham Kumar
(Content Writer, WCSF)
The initiative taken by Israel can be considered as a need for an hour. Banks and financial markets have more threat of these attacks and similar to this program, these important institutions of the nation must be protected from such threats.
To overcome such crisis, very good decisions were taken by Israel and also it is good to see that different big organizations were a part of this initiative.
A United Front with cooperation and coordination can do wonders.
This initiative taken by the Israeli government is a hope.
It is very insightful for countries like Israel taking on such missions and taking step ahead in regard of policies to be framed for checking the cyber attacks and tackling the issue.