Posted on 12/10/21
| News Source: i24
The simulation was scheduled to take place at the Dubai World Expo, but was moved to Jerusalem
Israel recently conducted a 10-day simulation in 10 countries of a major cyberattack on the global financial system, in an effort to minimize damage to banks and financial markets.
The Reuters report, which cites sources in Israel's government including the Finance Ministry, says several scenarios were faked, including sensitive dark web data alongside fake news, causing global financial chaos.
The simulation "featured several types of attacks that impacted global markets, liquidity, data integrity and transactions between importers and exporters," Reuters reported.
The report quotes Israeli officials as saying that international cooperation is the only way to counter major cyber attacks.
"Hackers are 10 steps ahead of us," said Micha Weis, head of financial cybersecurity at the Finance Ministry.
Participants in the initiative, called "Collective Strength," included treasury officials from Israel, the United States, the United Kingdom, United Arab Emirates, Austria, Switzerland, Germany, Italy, the Netherlands and Thailand, as well as representatives from the International Monetary Fund, World Bank and Bank of International Settlements.
The simulation was scheduled to take place at the Dubai World Expo, but was moved to Jerusalem due to travel restrictions caused by the emergence of the omicron strain of Covid, according to the report.