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On December 9, the Israeli Treasury conducted a multinational security exercise called “Collective Strength” to simulate a large-scale cyber attack on the global financial system with representatives from 10 countries and other financial institutions. I hosted it.
This exercise was aimed at increasing international “cooperation that could help minimize potential damage to financial markets and banks.” Reuters.
The collective force simulation will be conducted after the relevant World Economic Forum (WEF). Cyber polygon 2021 At the symposium, “a total of 200 organizations from 48 countries” “focus on improving cybersecurity as a strategic priority and aim to develop cyber defense capabilities.”
“We all know the horrifying scenarios of power supply, transportation, hospital services, and comprehensive cyberattacks that completely shut down our entire society, but we haven’t paid enough attention yet,” he said. I did. Klaus Schwab, Chairman of WEF at Cyberpolygon 2020.
Participants included treasurers from Israel, the United States, the United Kingdom, the United Arab Emirates, Austria, Switzerland, Germany, Italy, the Netherlands and Thailand, as well as representatives of the International Monetary Fund, the World Bank and banks. .. For international payments.
The simulation of the cyberattack was originally planned to take place at the Dubai World’s Fair, but was moved to Jerusalem in the form of a video conference “for the Omicron variant of COVID-19”.
Reuters reported that this cyber “war game” simulation had been planned by the Israeli government over the past year.
The exercise, which lasted more than 10 days, involved a complex attack on global financial markets, and the attacker’s plans were far ahead of the defenders’ plans.
In this scenario, “sophisticated” players use several types of attacks that affect the global forex and bond markets, liquidity, data integrity, and transactions between importers and exporters. Did.
The simulation also included a fake news report that caused a massive panic in the market, leaked sensitive data on the dark web, and caused a run on the bank.
The game of cyberwarfare begins with a movie, narrators explain that “these events are causing havoc in financial markets,” and government pressures to manage the effects of attacks that have paralyzed the global financial system. It was hung.
“Banks are seeking emergency liquidity assistance in a number of currencies to stop the turmoil as counterparties withdraw funds, limit access to liquidity, confuse and ruin banks. “The narrator said.
Participants discussed a multilateral emergency response plan on how to respond to related crises, such as adjusted banking leave, debt grace period, SWAP / REPO contracts, and adjusted delinking from major currencies. ..
The Israeli Treasury said such threats have become increasingly worrisome after some high-profile cyber attacks on large corporations and government agencies.
Simulation hosts believe that current cybersecurity cannot withstand such attacks and that the only way to contain such damage is through multinational coordination between state and international organizations. ..
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Brian S. Jung is from New York City and is a resident with a background in the political and legal industry. He graduated from Binghamton University.
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