IMF and 10 countries simulate cyberattack on global financial system
- The aim of the Israel-led ‘war game’ is to minimise potential damage in such a scenario, such as market chaos or a run on banks
- Global cooperation is being sought in wake of recent high-profile cyberattacks on large companies
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.
The simulation – likely caused by what officials called “sophisticated” players – featured several types of attacks that affected 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 cybersecurity is not always strong enough.