(Reuters) – For the first time, leading Western industry forces will simulate a major cross-border cyber security attack on the financial sector next month, French officials said on Friday.
The exercise organized by the French central bank during the French Presidency of the Seven Nations Group (G7) will be based on the scenario of a technical component that is widely used in the financial sector and becomes infected with malware, Nathalie Aufauvre said. French Director General for Financial Stability.  Institutions such as the European Central Bank and the Bank of England have already conducted such tests, but the June exercise will be the first cross-border on the G7 level, Aufauvre said to a cyber security conference at the bank.
"Cyber threats are evidence that we need more multilateralism and more cooperation between our countries," said French finance minister Bruno Le Maire to the conference.
Ms Aufauvre said that the three day exercise was aimed at demonstrating the transboundary effects of a such attack and would involve 24 financial authorities from the seven countries, consisting of central banks, market authorities and finance ministries.
Private sector representatives in France, Italy, Germany and Japan will also participate.
The financial sector is the most common goal for cyber attack, which accounts for 1
Many countries have in recent years increased control over banks and insurers' ability to respond.
Financial inspectors in countries such as France and Germany says, however, that the requirements in some countries outside the G7 are less cumbersome and create incentive for companies to move the business there to cut costs.