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Israel leads cyberattack simulation on global financial market

On Thursday, Israel led a 10-country simulation of a sophisticated cyberattack on the world’s financial market in a bid to prepare for such an incident.

Israel’s Finance Ministry has been preparing the scenario over the past year and executed it with the help of the Foreign Ministry, calling it the first kind of such a “war game.” The simulation assumed an advanced cyberattack on the global financial system, with different scenarios featuring sensitive data leaks surfacing on the Dark Web and the spread of fake news setting off chaos in financial markets.

Israeli officials stated that in light of the recent cyberattacks on major organizations, all of the featured scenarios are possible and should be dealt with through the lens of global cooperation, according to Reuters. The point of the necessity of international collaboration against cyber threats has been stressed many times throughout the day. This year, Israel suffered from an increase in cyberattacks against its critical structures, including hospitals and water systems.

The event featured representatives from the US, UK, the Netherlands, Thailand, Switzerland, United Arab Emirates, Germany, Italy, Austria, 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 reports.

The Israeli Finance Ministry’s chief economist, Shira Greenberg, who led Israel’s team, suggested that the simulation further proves the country’s leading position in cybersecurity and financial 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 stated.

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