JERUSALEM, Israel – Cybersecurity is becoming increasingly important as more countries look to ward off cyberattacks that could bring life to a standstill.
On Thursday, Israel led a 10-country, 10-day simulation of a cyberattack on the global financial system to better prepare for such an event.
Israel’s Finance Ministry called the drill a “war game” that simulated what would happen if “sophisticated” actors targeted the world’s banks and financial systems. The simulation involved sensitive data leaking from the Dark Web alongside fake news reports, triggering chaos in global markets.
The event included representatives from the US, UK, United Arab Emirates, Germany, Italy, Austria, Switzerland, the Netherlands, Thailand, the International Monetary Fund and the World Bank.
“The participants discussed multilateral policies to respond to the crisis, including a coordinated bank holiday, debt repayment grace periods, SWAP/REPO agreements and coordinated delinking from major currencies,” Reuters reported.
During the event, Israeli officials warned that a global market cyber crisis was possible and countries must work together to prepare and respond.
The Finance Ministry’s chief economist, Shira Greenberg, said the drill “further evidence of Israel’s global leadership” in financial cyber defense.”
“The unique and groundbreaking exercise held today showed the importance of coordinated global action by governments together with central banks in the face of financial cyber threats,” Greenberg said.
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