Israel this week led a mock cyber attack against the global financial system in which ten countries also participated.
The trial was dubbed the War Game and sought to increase cooperation that could help reduce the potential damage of an attack on financial markets and banks.
How was it done?
The drill lasted ten days and was carried out with sensitive data that appeared on the Dark Web. The trial also used Fake news that caused chaos in world markets.
The essay featured various types of attacks that impacted global currency and bond markets, liquidity, data integrity, and transactions between importers and exporters.
“These events are creating havoc in the financial markets,” said the video that was shown to international officials at the start of the drill.
Participants in this initiative included Treasury officials from Israel, the United States, the United Kingdom, the United Arab Emirates, Austria, Switzerland, Germany, Italy, the Netherlands, and Thailand, as well as representatives from the International Monetary Fund, the World Bank, and the Bank. of International Payments.
Participants in the essay debated multilateral policies to respond to the crisis, including a coordinated bank holiday, grace periods for debt repayment, and coordinated untying of major currencies.
According to Radhav Shalom-Revivo, Israel’s head of cyber finance engagements, international collaboration “is key to the resilience of the financial ecosystem.”
According to an article by Reuters, the drill was initially scheduled at the Dubai World Expo, but was moved to Jerusalem due to the omicron variant of COVID-19, and officials participated by video conference.