Israel heads ‘hack simulation’ on global financial markets — Analysis

According to Reuters reports, Israel was a participant in a 10 country exercise that simulated a devastating cyber attack on international financial markets. This simulation attempted to simulate panic and chaos.

Dobbed “Collective Strength”The international cyber drill took place on Thursday and was attended by the United States, Britain and Germany as well, Italy, Thailand, Thailand, and other countries. 

Treasury officials representing the participants were shown a movie to show the events. The film featured a narrator stating that sensitive data was stolen from them and made available on the Dark Web. “creating havoc in the financial markets”Over a 10-day period.

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The exercise – reportedly dubbed a “war game” by the Israeli Finance Ministry – ran through a number of different kinds of attacks, including breaches that affected foreign exchange and bond markets, liquidity and the security of data shared between exporters and importers around the world. This report examined both the effect of false news reporting on the crisis as well as the steps that governments should take.

“The banks are appealing for emergency liquidity assistance in a multitude of currencies to put a halt to the chaos as counterparties withdraw their funds and limit access to liquidity, leaving the banks in disarray and ruin,”The narrator kept going.

Israeli officials mentioned smaller scale breaches that had occurred on businesses in the past. They also stated that these attacks can be carried out on a larger scale and that global collaboration is the only way to avoid the most serious consequences in the case of a large hack.

“Attackers are 10 steps ahead of the defender,”Micha Weis is the financial cyber manager for Israel’s Finance Ministry. A ministry official said that international cooperation was encouraged. “is key for the resilience of the financial eco-system.”

The Cyber drill had been originally planned for Dubai World Expo earlier in the year. However, due to the Covid-19 pandemic, it was moved to Jerusalem.

READ MORE: Apple releases details about which diplomats were targeted by Pegasus



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