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IMF, 10 countries simulate cyber attack on the global financial system



(Reuters) – Israel on Thursday led a 10-country simulation of a major cyber attack on the global financial system in an effort to increase cooperation that can help minimize potential damage to financial markets and banks.

The simulated cyber attack . developed over 10 days, with sensitive data appearing on the Dark Web along with fake news reports that ultimately caused chaos in global markets and a run on banks.

The simulation included several types of attacks affecting global currency and bond markets, liquidity , data integrity and transactions between importers and exporters.

"These events wreak havoc on the financial markets," the narrator said in a film shown to participants as part of the simulation and watched by Reuters.

Israeli government officials said such threats were possible in the wake of the many high-profile cyberattacks on large companies and that the only way to limit any damage was through global cooperation because current cyber security is not always strong enough.

"Attackers are 1

0 steps ahead of the defender "Micha Weis, Chief Financial Officer of the Israeli Ministry of Finance, told Reuters.

Participants in the initiative, called" Collective "Strength, included 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 of the International Monetary Fund, the World Bank and the Bank of International Settlements.

The narrator in the film in the simulation said that governments were under pressure to clarify the effects of the attack, which paralyzed the global financial system. on emergency liquidity support in a variety of currencies to put a stop to it for the chaos when counterparties withdraw their money and limit access to liquidity, leaving banks in disarray and ruin, "said the narrator. [1965] 9002] Participants discussed multilateral policies to respond to the crisis, including a coordinated holiday, amortization periods for debt repayment, SWAP / REPO agreements and coordinated diversion from major currencies.

Rahav Shalom-Revivo, another Israeli finance official, said such a comprehensive attack on the global financial system would need to be carried out by sophisticated attackers.

The simulation was originally planned to take place at the Dubai World Expo but it was moved to Jerusalem due to the omicron variant of COVID-19, with officials attending video conferencing.

Some participants said that in a real cyber attack situation, governments would take action faster than in

A European finance official said that in the case of such an attack. ,

"As soon as the money supply became difficult, at least in the European Union, we would probably have an emergence ncy meeting the same day," he said, adding that he would reach out immediately to counterparts throughout Europe and the United States.

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