Israel has recently led a 10-country, 10-day simulation of a major cyberattack on the world’s financial system by “sophisticated” players, with the goal of minimizing the damage to banks and financial markets, the Reuters news agency reports.
The report, which cites sources in Israel’s government, including the Finance Ministry, says the “war game” simulated several scenarios, including sensitive data surfacing on the dark web alongside fake news, causing global financial chaos.
The simulation “featured several types of attacks that impacted global foreign exchange and bond markets, liquidity, integrity of data and transactions between importers and exporters,” Reuters reports.
The report quotes Israeli officials saying international cooperation is the only way to counter the threat of major cyberattacks.
“Attackers are 10 steps ahead of the defender,” it quotes Micha Weis, financial cyber manager at the Finance Ministry, as saying.
The simulation was intended to be held at the Dubai World Expo but was moved to Jerusalem due to travel restrictions caused by the emergence of the Omicron strain of the coronavirus, the report says.
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